MARKET TALK: JPMorgan Upgrades AstraZeneca To Neutral

30th Jun 2010 07:12

0612 GMT [Dow Jones] JPMorgan Cazenove upgrades AstraZeneca (AZN.LN) to neutral from underweight following the US Crestor patent ruling in its favor. Raises its price target to 3360p from 2960p. Says while generic challengers are likely to appeal, the probability of reversing this ruling appears to be low. Says the focus should now shift to the potential upside from a share buyback program. Thinks the upcoming Brilinta panel may cause further volatility, but thinks the upside from a share buyback far outweighs the potential risk from a negative vote here or delay in approval. Shares closed on Tuesday at 2947p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 30, 2010 02:12 ET (06:12 GMT)