MARKET TALK: Morgan Stanley Raises AstraZeneca Price Target

30th Jun 2010 12:35

1135 GMT [Dow Jones] Morgan Stanley raises AstraZeneca (AZN.LN) price target to 3690p from 3540p following the company's victory in the Crestor patent case. Says this is worth an extra 150p per share. Adds that while the defendants will no doubt appeal, the historical probability of success is only around 25%. Market attention will now turn to the pending FDA panel meeting on the company's Brillinta drug, scheduled for July 28, MS says. Reckons there is a 70% probability of near-term US approval for Brillinta. Keeps at overweight. Shares +8.8% at 3207p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 30, 2010 07:35 ET (11:35 GMT)