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AstraZeneca (AZN) Stock Downgraded to 'Underperform' at Credit Suisse

NEW YORK (TheStreet) -- AstraZeneca (AZN - Get Report) stock was downgraded to "underperform" from "neutral" at Credit Suisse on Tuesday with a price target of $61.89.

The London-based healthcare company has showed marked deterioration in pricing power, Credit Suisse analysts said.

In 2014, AstraZeneca recorded the highest U.S. rebate levels among global pharmaceutical companies, which Credit Suisse analysts said they expect to continue.

On Friday, the FDA rejected AstraZeneca's proposal for a diabetes drug combination, which was expected to be a major chunk of its diabetes sales till 2023, Bidness Etc reported.

AstraZeneca's growth until 2019 "is heavily reliant on new pipeline delivery and not from the continued sales of existing drugs," according to Credit Suisse's analysts, who said the drug delays "highlight the risks on such pipeline reliance."

Shares of AstraZeneca were down 2.83% to $31.30 in mid-morning trading.

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