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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

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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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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