Standpoint Downgrades AstraZeneca (AZN) from Buy to Hold

Standpoint Research downgrades AstraZeneca AZN from Buy to Hold. Standpoint Research says, "There is still value here and our price target remains $60 for 2011-2012, but we can no longer leave our highest rating attached to this name. AZN will hit a three-year high today and is ahead of the S&P-500 by 2000 bps since late May. The good news from after-the-close on Wednesday -- earnings beat, raised guidance and FDA approval for blood thinner drug Brilinta -- is already priced in. We are over-weight in healthcare and see this as an opportunity to lighten up – selling on the news and boost to the sector from the SNY-GENZ news, takeover speculation surrounding other names and the shift to lower beta names in a rough market by risk averse investors. Learn how to find the best stocks to trade each day in our 70 page E-Book and 90 minute online video for free.