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UPDATE: Bank of America Upgrades Celgene to Buy on Improving Growth Outlook

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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.

Latest Ratings for CELG

DateFirmActionFromTo
Feb 2016Leerink SwannInitiates Coverage onMarket Perform
Jan 2016Credit SuisseMaintainsOutperform
Jan 2016Credit SuisseInitiates Coverage onOutperform

View More Analyst Ratings for CELG
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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