UPDATE: Cantor Fitzgerald Upgrades Cubist Pharmaceuticals to Hold; Negative Catalysts Have Passed
Cantor Fitzgerald upgraded Cubist Pharmaceuticals (NASDAQ: CBST) from Sell to Hold and raised the price target from $37.00 to $38.00.
Cantor Fitzgerald commented, "We believe the company is facing several "investment" years that are likely to adversely impact the bottom line and the stock should therefore only move upwards on evidence of stronger than expected Cubicin growth and major data catalysts (and no significant events are expected until 2H:13). We anticipate an initial downward reaction in the stock after the earnings call, but we are upgrading to a HOLD since we think that the negative catalyst around 2013 guidance visibility has now played out."
Cubist Pharmaceuticals closed at $42.75 on Wednesday.
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