Jefferies announced on Wednesday that it had lowered its recommendation on AstraZeneca shares from 'buy' to 'hold', with a price target reduced from 12,500 pence to 11,000 pence.

In a research note, the analyst expresses concern at the lack of visibility surrounding the group's profit margins, but above all at the absence of any news in sight concerning its clinical portfolio.

The intermediary points out that approval of datopotamab deruxtecan (dato DXd) in lung cancer is not expected before the end of the year at best, leading him to downgrade his opinion on the stock.

On the other hand, Jefferies believes that the company's R&D projects outside oncology are still largely ignored by the market, offering potential for long-term appreciation.

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