Upgrade to Buy from Hold on share price weakness and ahead of Oncology news flow
* AZN’s shares have weakened with global market volatility and not for any fundamental reason
* However, AZN has a large amount of Oncology and ImmunoOncology data due in the coming months, which
could be material for the shares
* As we expect predominantly positive outcomes, the share price weakness could be a buying opportunity; hence, we upgrade our rating to Buy from Hold; new target price of 4,600p from 4,640p on revised forecasts