UPDATE: Bank of America Upgrades Celgene to Buy on Improving Growth Outlook
Bank of America upgraded Celgene Corporation (NASDAQ: CELG) from Neutral to Buy and raised the price target from $88.00 to $115.00.
Bank of America commented, "We are upgrading CELG from Neutral to Buy and increasing our PO from $88 to $115 (16x2014E) following a series of model changes that show CELG should grow sales by a minimum of 14% and EPS by 25% CAGR over the next 5 yrs. We have increased conviction in CELG's long term growth profile driven by multiple growth products, and believe shares will continue to experience PE expansion over 2013 driven by: (1) positive Abraxane data (Jan 24-26), (2) better Pomalyst pricing and product launch vs. Street consensus, and (3) visibility on CELG's emerging pipeline, incl novel imids with potential positive Revlimid life cycle implications."
Celgene closed at $97.67 on Monday.
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