Market Overview

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

Share:
Related CELG
Following ASH Conference, Vetr Upgrades Celgene
8 Of The Biggest Biotech Announcements Out Of The 2016 ASH Meeting
S&P 500, Dow Notch All-Time Highs; Dave & Buster's Soars 19% (Investor's Business Daily)

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
Nov 2016OppenheimerInitiates Coverage OnOutperform
Nov 2016Standpoint ResearchDowngradesBuyHold
Nov 2016MizuhoInitiates Coverage OnBuy

View More Analyst Ratings for CELG
View the Latest Analyst Ratings

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

 

Related Articles (CELG)

View Comments and Join the Discussion!