12:55 PM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price by $5 to $86, 21.2x our 2024 earnings per ADS estimate, broadly in line with its five-year average. AZN posted a strong start to the year with total revenue growing 19% Y/Y at constant exchange rates (CER), driven by double-digit growth across most therapy areas, with oncology leading the way with a 26% CER increase. Core EPS grew at a slower pace of 13% CER, though still solid, in our view, as prior-year numbers benefited from a USD241 million gain on disposal. Nevertheless, AZN kept its full-year 2024 outlook for total revenues and core EPS to grow by low-double digits to low-teens at CER, though with a larger estimated adverse currency impact on core EPS of mid-single digits (previously low-single digits). We keep our EPS estimates. While we think R&D and related costs for new launches may affect the near-term margin, its 2024 growth outlook is still one of the strongest among peers. We also like its strong late-stage pipeline, which could support growth over the long term.