UPDATE: Credit Suisse Initiates Coverage on Alexion Pharmaceuticals with Neutral Rating, $110 PT Awaiting Near-Term Catalyst

In a report published Friday, Credit Suisse analyst Lee Kalowski initiated coverage on

with a Neutral rating and $110.00 price target. In the report, Credit Suisse noted, “ALXN has been a stellar performer on the back of Soliris's consistently strong growth, and growth is likely to continue, with new indications and geographies coming on-line. In addition, relative to its ever climbing large-cap peers, ALXN's valuation is not unreasonable; still, we think nearer-term catalysts are now needed to take the stock meaningfully higher from here. ALXN has consistently outperformed quarterly/guidance expectations. However, this trend came to an end in Q3'12, and with that, ALXN was hit hard. We suspect that ALXN will continue to guide conservatively, and there may some beats left in Soliris, although this is unlikely meaningfully to drive higher valuation. We find ourselves largely in-line with the revenue consensus through 2017 (we are 1-3% above consensus through 2017), suggesting nearer-term growth is priced in.” Alexion Pharmaceuticals closed on Thursday at $101.13.