Broker snap: Astra upgraded after Nexium settlement
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ING has upped its recommendation and price target on AstraZeneca after the drugs giant secured a favourable settlement in its US patent dispute with India's Ranbaxy Laboratories over its blockbuster heartburn and ulcer pill, Nexium.
The broker now advises investors to 'hold' AstraZeneca rather than 'sell' and raises its price target to 2,200p from 1,760p.
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The settlement improves Astra's risk profile considerably, ING said.
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