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Monday, November 09, 2009
AstraZeneca Lifted To Buy, Roche Cut To Hold: RBS
By Barbara Kollmeyer
MarketWatch Pulse
MADRID -- U.K. pharmaceutical group AstraZeneca was upgraded to buy from hold on Monday at Royal Bank of Scotland, which cited potential for strong cash flow generation. The investment bank said while there is litigation risk to AstraZeneca related to marketing over its schizophrenic drug Seroquel, it still sees 30% potential upside to shares. RBS also cut Swiss group Roche Holding to hold from buy, owing to major patent expiry in 2016-19 and generic competition. RBS said it sees the pharmaceutical sector moving to a more stable, if slower growth phase. GlaxoSmithKline remains its top pick with a buy rating.
Copyright © 2009 MarketWatch, Inc.
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