AstraZeneca initiated as a buy at BMO as pharma is undervalued compared to peers
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BMO Capital Market has initiated AstraZeneca (NASDAQ:AZN) with a buy rating saying that the large pharma's "growth and margin expansion are undervalued relative to peers."
The firm has a target price of $82 (~18% upside based on Wednesday's close).

Analyst Etzer Darout said the company's strong fundamentals are not currently reflected in its valuation given top- and bottom-line growth from 2023 to 2026 of, respectively, ~6% and ~14% based on consensus, and ~7% and ~13% based on BMO estimates.
Darout added that AstraZeneca's (AZN) acquisition of Alexion and the growth of its oncology franchise "should accelerate AZN's transformation to a margin expansion story."
Read why Seeking Alpha contributor Mare Evidence Lab rated AstraZeneca (AZN) as a top growth pick for 2023.