07:31 AM EDT, 04/29/2026 (MT Newswires) -- BofA Global Research retained AstraZeneca's (AZN.L, AZN.ST) buy rating, with a price objective of 165 pounds sterling, following the drugmaker's first-quarter earnings report.

AstraZeneca reported a 12% annual jump in group sales to $15.2 billion and a 4% rise in EPS to $2.58, with both metrics beating consensus by 2%, according to a Wednesday note.

"Valuation (c16x 27E P/E) looks attractive. Mid-term guide implies high single digit sales CAGR &rerating to c18x 27E P/E. 3 key upcoming reads, following positive tozorakimab in COPD; (1) AVANZAR in NSCLC (mid-26E), AZN reiterate study delays on event rate, flagging robust estimates for control arm thus implying likely due to Dato arm. No specific comment on target PFS but confident on multitude of prior data (TL01/02/04, NeoCOAST-2); (2) SERENA-4 in 1L ER+/HER2-ve BC (2H26E), we see negative readthrough post perservERA miss in same setting,"analysts said.