Parnassus Fund Boosts AstraZeneca Stake by $125.13M; Banks See 20% Upside
Parnassus Value Equity Fund added 634,492 AstraZeneca shares in Q1, boosting its stake to 2.73% of its portfolio worth $125.13 million. UBS and Citi reaffirm buy on AstraZeneca, forecasting 20% upside before April 29 Q1 results on China challenges and key drug launches.
1. Parnassus Fund Increases AstraZeneca Position
In its Q1 N-PORT filing, Parnassus Value Equity Fund disclosed a new purchase of 634,492 AstraZeneca shares, raising the holding to 2.73% of the fund’s assets. The position is valued at $125.13 million, marking it as the largest new addition to the portfolio during the quarter.
2. Banks Reaffirm Buy with Upside Projection
Both UBS and Citi have maintained buy ratings on AstraZeneca, projecting approximately 20% upside ahead of the company’s April 29 first-quarter earnings release. Analysts point to ongoing China market pressures and a pipeline of key drug launches as primary catalysts for potential share gains.