Jefferies upgraded shares of AstraZeneca (LON:AZN) to Buy from Hold, lifting the price target to 13,000p per share, up from 10,500p in a note Monday.
Analysts told investors in a note that the "Mene" growth options beyond oncology are overlooked by the company.
"We argue focus on the oncology pipeline has unfairly overlooked the breadth of other opportunities; a tribute to departing Biopharma R&D head Mene Pangalos," explained analysts.
"We flag R&D assets outside oncology are being largely ignored, offering significant upside optionality, with our deep-dives underpinning up to +8% above cons Sales & EPS. Airsupra is noteworthy as we see near-$1bn more sales backed by a US proprietary physician survey," they wrote.
The analysts added that there are "blockbuster opportunities" for tozorakimab, Farxiga follow-ons, and eplontersen, with upcoming clarity on oncology debates that "should lift the overhangs."