Proactive Investors - British pharmaceuticals megacap AstraZeneca PLC (LON:AZN) shares surged nearly a percentage point higher on Friday, reflecting what broker Shroe Capital Markets sees as a “catalyst-rich period ahead”.
“AstraZeneca (NASDAQ:AZN) outlined its ‘bold ambition’ to deliver $80bn revenue by 2030 during its recent Investor Day, something we believe looks readily deliverable given the depth, breadth and momentum of the R&D pipeline, particularly in oncology,” said Shore Cap.
In response, the broker upgraded its long-term forecasts with projected earnings of 11% compounded annually.
This should translate into $15 core earnings per share, comfortably above current consensus estimates of $13.2 EPS.
Shore Cap sees AstraZeneca stock at a fair value of 15,000p per share- a 23% increase from the current 12,200p spot price.