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

Stifel Nicolaus reiterated its Buy rating on Celgene Corporation CELG with a Buy 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.