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Barclays sees "compelling" entry point at AstraZeneca after recent falls
(Sharecast News) - Barclays has kept an 'overweight' position on AstraZeneca despite the biopharma group's disappointing annual results last week, saying that the stock's recent underperformance provides an attractive entry point for investors. Shares in AstraZeneca dropped on Thursday after fourth-quarter core earnings per share rose by just 7% year-on-year to $1.45, which was a 3% miss against consensus forecasts.
The stock, down nearly 2% on Monday, has now fallen 8.8% since the results were released and now stand at a 52-week low of 9,564.7p.
"The last time AZN moved that much on a print (3Q21), the magnitude of the EPS miss/subsequent downgrades was far greater," Barclays said.
As a result of the fourth-quarter numbers, Barclays trimmed its 2024 EPS forecasts by 2%. However, the bank still sees significant upside with a price target of 12,500p.
"We think this presents a compelling entry point for a best-in-class company," Barclays said.
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