Astrazeneca Down 3% Despite Citigroup Upgrade

On Tuesday, Citigroup upgraded shares of Astrazeneca (NYSE: AZN) from Neutral to Buy and raised the price target from $20.80 to $29.12.

Analyst Andrew Baum believes the reported £60 billion bid from Pfizer (NYSE: PFE) “looks highly probable.” Although the Astrazeneca CEO, Ian Read, will likely try to retains the company's independence, Baum sees “limited defense strategies.”

Baum feels a Pfizer acquisition, “would fit the company's strategic goals for immunotherapy and autoimmune disease.”

Shares of Astrazeneca are down 3.3 percent to $66.81 in Tuesday's trading.