AstraZeneca: AstraZeneca sets the stage for a brighter future
BUY, Fair Value 3400p vs. 3440p (+11%)
Although we are making some downward adjustments to our 2013 figures from revenues down to the Core EPS (slightly lower sales, opex increase, no share buy-back), our FV is marginally impacted as the longer term is unaffected and financial leverage higher. Moreover our thesis for a return to growth is now in place and should gain ground no later than March 21st. 3,000p is a good entry point.
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