RBC Initiates AstraZeneca at Outperform as Near-term Overhangs Create 'Attractive' Entry Point

03:35 AM EDT, 09/09/2026 (MT Newswires) -- RBC Capital Markets started coverage of AstraZeneca (AZN.L, AZN.ST) with an outperform rating and a price target of 145 pounds sterling, saying near-term trial uncertainties create an "attractive" buying opportunity in the biopharmaceutical company's stock. "AZN offers the most compelling risk/reward in our EU Pharma coverage. We believe the stock has been overly punished by recent concerns, Wainua's [transthyretin amyloidosis]-failure, the [Bristol Myers Squibb] pursuit raising growth questions, and looming SERENA-4/AVANZAR (2H26) uncertainty, driving the multiple to 14x P/E, a 10-year low," according to a Tuesday note. "While SERENA-4/AVANZAR will likely keep risk-averse investors sidelined, the setup is favorable: low expectations, modest [net present value] risk, and unnecessary for AZN's $80bn target. We expect a swift re-rating once resolved, with the market refocusing on fundamentals, with leading growth among EU peers and significant pipeline optionality," analysts added. RBC flagged loss-of-exclusivity fears as "overdone," saying consensus over-models patent cliff headwinds for key drugs like Lynparza and Imfinzi while ignoring AstraZeneca's "proven track record" to extend franchise value. Supported by multi-billion-dollar late-stage candidates like surovatamig and rilvegostomig, the research firm projects a mid-single-digit revenue compound annual growth rate through 2033 versus the flat-to-declining performance expected by consensus post-2030.