AstraZeneca upgraded to "add"

06/29/06 - Dresdner Kleinwort Wasser.

LONDON, June 29 (newratings.com) - Analysts at Dresdner Kleinwort Wasserstein upgrade AstraZeneca (AZN-GBX) from "sell" to "add." The target price has been raised from 2360p to 3315p.

In a research note published this morning, the analysts mention that AstraZeneca's base business is expected to boost the company's margins and enable the sustenance of double-digit earnings growth until the introduction of new products. An improved sales outlook for Crestor, Seroquel, Symbicort and Nexium is likely to result in an earnings upside for the company, the analysts add.