Jefferies raises its price target from $137 to $154 on Buy-rated Biogen Idec BIIB as a Q1 weak top-line is offset by strong underlying dynamics in MS franchises.
Jefferies comments, "In 1Q12, we were reassured that the Avonex miss was likely due to one-time factors and see strong positive Tysabri trends in net patient adds (+1900 vs +1100 in 4Q), use in newly diagnosed patients, and low discontinuations. We are raising our price target from $137 to
$154."
BIIB closed at $131.83 on Tuesday.
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