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UPDATE: J.P. Morgan Lowers PT on PDL BioPharma on Model Update

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In a report published Wednesday, J.P. Morgan reiterated its Neutral rating on PDL BioPharma (NASDAQ: PDLI) but lowered its price target from $7.00 to $6.00.

J.P. Morgan noted, “PDL BioPharma reported 4Q12 GAAP EPS of $0.34, which was 2 cents ahead of expectations (JPMe and cons: $0.32). Total revenues of $86M were in line with prior guidance. On the call, PDL noted a continued focus on adding additional revenue generating assets in 2013 and expect to exceed that invested last year. Indeed, progress was made in 2012 with three transactions ($125M total investment), but more are need to ensure sustainability post approaching Queen et. al. patent expiration. PDL reiterated its intention to evaluate the business in late 2013/2014 to determine whether to wind up the business. We are maintaining our cautious outlook on new royalty opportunities and maintaining a Neutral rating.”

PDL BioPharma closed on Tuesday at $6.98.

Latest Ratings for PDLI

DateFirmActionFromTo
May 2013Piper JaffrayInitiates Coverage onNeutral
Mar 2013JP MorganMaintainsNeutral
Jan 2013Credit SuisseDowngradesNeutralUnderperform

View More Analyst Ratings for PDLI
View the Latest Analyst Ratings

Posted-In: J.P. MorganAnalyst Color Price Target Analyst Ratings

 

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