AstraZeneca stock rose 18% YTD due to strong performance and promising future prospects
From Nasdaq: 2024-07-18 10:45:00
AstraZeneca’s stock (AZN) has risen 18.4% so far this year, slightly underperforming the industry but outperforming the S&P 500. The company boasts a strong position in the oncology space, with key medicines driving top-line growth. AstraZeneca also has a pipeline of new drugs in various therapeutic areas.
From a valuation perspective, AstraZeneca appears attractive compared to industry peers, with a low forward P/E ratio. Estimates for 2024 and 2025 earnings have been rising. Despite challenges in its diabetes and respiratory units, the company remains confident in its ability to achieve sustained growth over the coming years.
AstraZeneca aims to generate $80 billion in total revenues by 2030 and launch 20 new medicines. The stock has shown strong performance this year, trading above its 200-day moving average. With an attractive dividend yield of around 4%, AstraZeneca remains a solid choice for long-term investors interested in blue-chip companies.
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Read more at Nasdaq: AstraZeneca (AZN) Stock Rises 18% YTD: Should You Buy?