Cumulative uncertainty and some recent, somewhat minor, disappointments are bearish factors for AstraZeneca (LSE:AZN) according to analysts at Deutsche Bank.
The German bank pitches a 11,500p target, implying roughly an 18% downside, as analyst Emmanuel Papadakis ran the rule of recent pipeline updates and upcoming flow.
He points to two recent pipeline signals, first details on eneboparatide after mixed initial headlines and physician feedback in a third‑party snap poll following the FDA approval of Breztri for asthma, which the bank views as a minor negative and a minor positive respectively.
Papadakis says these small developments do not yet change his cautious stance on larger programme risk, describing post‑Q1 pipeline news as “frenetic” and signalling that the cumulative uncertainty of big‑ticket items which underpins the bank's Sell recommendation.
