Deutsche Bank Raises AstraZeneca Target to £120
The bank lifted its price target for the drugmaker's shares while keeping a hold rating after third-quarter results.
Updated on Nov. 9, 2026 in Healthcare
Deutsche Bank raised its price target for AstraZeneca PLC to £120 from £117 on November 9, 2026. The new target sits nearly 14% below the last close of £139.30 and comes as AstraZeneca shares joined a broader rally in pharmaceutical stocks.
Why it matters
The move reflects investor rotation into drugmakers and a valuation lift tied to AstraZeneca's third-quarter results. Deutsche Bank's hold rating signals it sees limited upside from current levels.
Deutsche Bank's new £120 target is 2.5% above its prior £117 target and roughly 14% below AstraZeneca's last close of £139.30. The target is set at 15 times forecast 2027 earnings, though the report does not say how those earnings estimates changed.
The players
Deutsche Bank
Deutsche Bank is a German multinational investment bank and financial services company that publishes equity research on global pharmaceutical companies.
AstraZeneca PLC
AstraZeneca PLC is a British-Swedish multinational pharmaceutical and biotechnology company headquartered in Cambridge, England, listed on the London Stock Exchange.
The details
Deutsche Bank holds a 'hold' rating on AstraZeneca, a position it adopted when it upgraded the stock in September. The price target increase followed AstraZeneca's third-quarter results and came as pharmaceutical shares broadly advanced.
Timeline
September: Deutsche Bank upgraded AstraZeneca to 'hold'.
Third quarter 2026: AstraZeneca reported quarterly results.
November 9, 2026: Deutsche Bank raised its price target to £120.
First quarter 2027: AVANZAR trial readout is scheduled.
Market Landscape
Deutsche Bank's upgrade in September and higher target in November follow a pattern of brokers gradually re-rating large-cap drugmakers as investors shift money into the sector. The move positions AstraZeneca within a pharmaceutical group that has drawn renewed capital inflows.
Investors holding AstraZeneca shares should note that Deutsche Bank's £120 target is about 14% below the recent £139.30 close, implying limited near-term upside from that broker's view. Retail portfolios with pharmaceutical exposure may see valuation pressure if the sector rally fades.
The takeaway
Analyst targets can move ahead of company-specific catalysts, so the upcoming AVANZAR readout in early 2027 is the event to watch for AstraZeneca's next valuation shift. Readers tracking the stock should compare broker targets against the current price rather than treat any single rating as decisive.
What happens next
The AVANZAR trial readout is scheduled for the first quarter of 2027, which could influence investor expectations for AstraZeneca.
Further reading
For more on how analyst ratings are shifting across the sector, explore Healthcare coverage.
