Proactive Investors - Barclays (LON:BARC) has raised its price target for shares in AstraZeneca PLC (LON:AZN) after Thursday's significantly better-than-expected first-quarter numbers.
The investment banking arm of the high street lender reckons the stock is worth £135, a 12% premium to the current price.
"We saw strong growth / beats across almost all key major franchises and the call focused on opportunities across the company's pipeline (most notably those in Biopharmaceuticals) in a likely preview of what's to come at Investor Day," Barclays said in a note to clients.
Deutsche Bank (ETR:DBKGn) rates the stock 'hold' with the £110 price target and is a little more cautious on AZ and its potential.
It said investors weren't provided clear information about what mainly influenced the first quarter results, especially regarding the sales of Farxiga and Symbicort.
Deutsche added that expectations for future company plans seem too high, and there are still some regulatory risks with the TL01 lung cancer phase III drug candidate.
There are also uncertainties about how the company will grow after the patents for Brilinta and Farxiga expire and they face more competition.
In morning trading the stock was changing hands for £120.24.