UPDATE: Canaccord Genuity Upgrades Biogen Idec to Buy on BG-12 Early Launch

Canaccord Genuity upgraded Biogen Idec

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.