AstraZeneca slips as Stifel warns about generic competition, lowered COVID product sales
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Stifel is maintaining its buy rating but lowering its price target for AstraZeneca (NASDAQ:AZN) as the UK pharma faces generic competition and lower sales of its COVID-19 vaccine and drug treatment.
The firm cut its price target to 12.8K pence from 13.3K pence (~14% upside based on Friday's close on the London Stock Exchange). The stock closed down ~2%.

Analyst Eric Le Berrigaud said that sales of its COVID vaccine and COVID treatment Evusheld could decline by ~$3B between 2022 and 2023.
Generic competition -- notably from asthma therapy Symbicort in the US and acid reflux drug Nexium in Japan -- could also lead to a $1B drop in global sales.
Seeking Alpha's Quant Rating views AstraZeneca (AZN) as a hold with high marks for profitability, revisions, and growth.