AstraZeneca shares target raised by TD Cowen on revised estimates

On Monday, TD Cowen showed confidence in AstraZeneca (NASDAQ:AZN), as the firm raised its stock price target on the pharmaceutical giant's shares to $95 from the previous target of $90. The firm continues to endorse a Buy rating for the stock.

The adjustment in AstraZeneca's price target comes as TD Cowen revisited its financial model for the company, taking into account the progress as the third quarter reaches its halfway point. The firm's revised estimates extend through 2030, projecting growth that surpasses the industry average. Despite the increased estimates, they remain conservative compared to AstraZeneca's own revenue goals for 2030.

TD Cowen's analysis suggests that AstraZeneca is demonstrating significant business momentum. The company is expected to have a series of newsworthy developments in the near future, which supports the firm's positive stance on the stock.

AstraZeneca, a leading player in the pharmaceutical industry, is known for its extensive portfolio of medicines, including those for oncology, cardiovascular, renal, metabolism, and respiratory diseases. The company has been in the spotlight for its role in developing one of the COVID-19 vaccines.

The upgraded price target reflects TD Cowen's anticipation of AstraZeneca's continued growth and success in the pharmaceutical market. The firm's endorsement of a Buy rating indicates their belief in the company's potential to perform well in the stock market.

In other recent news, AstraZeneca has reported significant strides in its financial performance and clinical trials. The biopharmaceutical giant's total revenue saw an 18% increase, reaching nearly $13 billion in the second quarter, with a core operating profit of $8.4 billion. The company's revised full-year guidance now anticipates mid-teens percentage increases in both total revenue and core EPS.

In addition, AstraZeneca successfully secured €1.4 billion through a bond offering, managed by BNP Paribas (OTC:BNPQY), Goldman Sachs International, Morgan Stanley, and Société Générale (EPA:SOGN). The proceeds from the bond sale will be used for general corporate purposes.

In terms of clinical trials, the company reported positive results from its Phase III AMPLIFY trial. The trial demonstrated that its drug Calquence, when used in combination with venetoclax, significantly improved progression-free survival in patients with first-line chronic lymphocytic leukemia.

Furthermore, its drug Imfinzi has shown potential for treating resectable non-small cell lung cancer, based on positive results from the AEGEAN Phase III trial.

These are recent developments that highlight AstraZeneca's commitment to advancing treatment in various areas of healthcare. The company's strategic focus includes over 40 phase 3 trials expected to be reported before the end of 2025, aligning with their 2030 goals of achieving $80 billion in total revenue and launching at least 20 new medicines.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.