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UPDATE: Stifel Nicolaus Raises PT to $108 on Celgene Corporation on Abraxane Outlook

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Stifel Nicolaus reiterated its Buy rating on Celgene Corporation (NASDAQ: CELG) and raised the price target from $98.00 to $108.00.

Stifel Nicolaus commented, "We raise our target price from $98 to $108 as our increased Abraxane sales estimates improve our outlook for long-term EPS growth. We raise our PEG ratio-based valuation multiple on CELG earnings from 17.7x to 19.4x, in line with our valuations for other large-cap biotech comparables. Our total Abraxane sales estimates of $1.17B in 2015 and $1.68B in 2017 are in line with CELG guidance of $1.0-$1.25B and $1.5-$2.0B, respectively."

Celgene Corporation closed at $99.31 on Tuesday.

Latest Ratings for CELG

Oct 2015JPMUpgradesNeutralOverweight
Sep 2015JefferiesInitiates Coverage onBuy
Jul 2015Morgan StanleyMaintainsEqual-weight

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