- Investec boosted its recommendation on pharmaceutical company AstraZeneca [LON:AZN] and moved to a buy rating (from hold) after updating its model for MYSTIC PFS datapoints, positive Tagrisso trial data and second quarter earnings.

Despite the disappointing results for MYSTIC, the broker believes AZN has a rich pipeline, with plentiful near-term catalysts and sees a more favourable risk/reward.

"AZN has a broad late stage pipeline that can drive robust earnings growth," analysts explained.

"With long-awaited visibility on MYSTIC PFS (and as consensus is adjusted down), we see improving risk/reward on upcoming clinical datapoints. ESMO (8th Sept) will allow for better insight on Imfinzi PACIFIC data, possibly Tagrisso FLAURA."

Investec has trimmed its target to £49 (from £50) based on its new estimates, implying a forecast total return of 12.9%.

Elsewhere, Numis upgraded Stock Spirits [LON:STCK] to an outright buy from add saying that the company's interims provide further evidence of the turnaround being delivered by the management team.

The broker added: "Encouragingly, the Polish business delivered improvements in all key metrics.

"We make no changes to our current earnings forecasts but feel that if this momentum continues, there could be scope for upgrades."

Analysts have left their target price unchanged at 200 pence per share, indicating around 25% potential upside.

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