AstraZeneca upped to hold at HSBC on oncology drugs and COVID-19 vaccine

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AstraZeneca was upgraded to hold from reduce, citing stronger-than-anticipated commercial execution and vaccine news flow tailwinds. HSBC said the third-quarter results showed a strong performance from its oncology pillars, Tagrisso, Imfinzi and Lynparza. HSBC said AstraZeneca is still commanding a premium valuation, at 20.3 times core price-to-earnings versus a sector average of 17.
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