UPDATE: Credit Suisse Raises PT to $185 on Biogen Idec on Tysabri Restructuring
Credit Suisse maintained Biogen Idec (NASDAQ: BIIB) with an Outperform rating and raised the price target from $175.00 to $185.00.
Credit Suisse said, "Central to our bullish stance on BIIB is the potential upside to the overall MS franchise based our long-standing "3 buckets/NIMO" thesis. BIIB management's recent focus on the totality of the MS franchise (e.g. FY'12 call: "potential leader in the three market segments") and the Tysabri deal puts all BIIB's MS assets under 100% of their commercial control ("speaking with one voice...competitive advantages...across all of those segments of the marketplace"). The key aspects of our "3 buckets" thesis are potential for long-term SG&A operational gearing and revenue increases of all MS drugs. In our view, over time, we could see consolidation towards one salesforce with a message that effectively states "We are THE MS company. What approach to treatment would your patient like? We have the best drug in each segment"."
Biogen Idec closed at $160.30 on Thursday.
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