Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Yesterday Panmure Gordon downgraded its stance on drug giant AstraZeneca (AZN) to Sell. The broker has a price target of 3,100p, the stock is currently trading at 3,280p. Based on the price target and estimated earning per share of 296p, the forward P/E ratio is 10.5. This appears too cheap for a drug company, the sector is trading on a forward P/E of 15. First, let’s see where the FTSE 100 is headed in the short term.
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