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

Related CELG
Investors Applaud Celgene's Q3 Results, Outlook
Earnings Scheduled For October 27, 2016
Celgene Q3 top line up 28%; non-GAAP EPS up 29%; non-GAAP earnings guidance raised; shares up 3% premarket (Seeking Alpha)

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 2016JefferiesMaintainsBuy
Sep 2016CitigroupMaintainsBuy
Aug 2016BTIG ResearchUpgradesNeutralBuy

View More Analyst Ratings for CELG
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Posted-In: Stifel NicolausAnalyst Color Price Target Intraday Update Analyst Ratings


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