UPDATE: Canaccord Genuity Upgrades Biogen Idec to Buy on BG-12 Early Launch
Canaccord Genuity upgraded Biogen Idec (NASDAQ: BIIB) from Hold to Buy and raised the price target from $163.00 to $187.00.
Canaccord Genuity commented, "BIIB guidance implies now stronger confidence in the TEC launch. After new chats with KOLs and, importantly, community MDs, we have more confidence in the initial phase of launch due to growing levels of patient warehousing. We still see long-term value/blockbuster potential in TEC, Tysabri and the hemophilia franchise. We are raising our company-DCF based target to $187 based on higher 2013 estimates and lower discount rate."
Biogen Idec closed at $161.99 on Tuesday.
Latest Ratings for BIIB
|Dec 2016||Cantor Fitzgerald||Initiates Coverage On||Neutral|
|Nov 2016||Mizuho||Initiates Coverage On||Neutral|
|Nov 2016||Leerink Swann||Upgrades||Market Perform||Outperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.