Bank of America Merrill Lynch Reports on Biogen Idec

Bank of America Merrill Lynch commented on Biogen Idec

in a report released today. In the report, Bank of America Merrill Lynch was positive in its assessment of the company. Bank of America Merrill Lynch writes, "We reiterate our BUY rating and see three reasons for upside in the next 6-12 months, including: (1) Our analysis gives us conviction BIIB is well positioned to beat 2011 EPS guidance and consensus estimates (Biotechnology, 03 June 2011), and we remain well above consensus in 2012+; (2) We believe detailed presentation of the Phase 3 DEFINE study of BG-12 and top-line results for the second Phase 3 study CONFIRM will give investors increased conviction in BG- 12's market potential; (3) We expect Tysabri to regain traction over the next several quarters following greater availability of the new JC virus antibody test. In summary, we see double digit EPS growth for BIIB through 2016 as likely, and expect continued positive consensus model revisions." Bank of America Merrill Lynch currently has a Buy rating on Biogen Idec and a price objective of $116. Shares of Biogen Idec closed at $95.17 on Thursday, down 2.14% from the opening bell.