Market Overview

UPDATE: Goldman Sachs Downgrades Cubist Pharmaceuticals Following Removal from Conviction List

Related CBST
UPDATE: Credit Suisse Downgrades Cubist Pharmaceuticals On Execution Risk To Global Expansion Of Hospital Franchise
Wedbush Initiates Coverage On Cubist Pharmaceuticals
Is This Superbug Drug Company Right for Your Portfolio? (Fox Business)

In a report published Wednesday, Goldman Sachs analyst Terence Flynn downgraded Cubist Pharmaceuticals (NASDAQ: CBST) from Buy to Neutral, but reiterated the $59.00 price target.

In the report, Goldman Sachs noted, “We are downgrading CBST to Neutral from Buy and removing it from the Americas Conviction List as shares are within 4% of our 12-month $59 price target. CBST also announced agreements to acquire TSRX ($623mn adjusted for 1Q13 cash) and OPTR ($458mn adjusted for 2Q13 cash). Our view of key pipeline drug, CXA, is unchanged (Ph3 data 4Q13) and we see this as CBST's next blockbuster. Assuming the proposed acquisitions close, these could transition CBST into an execution story. Since being added to the Buy List and the Conviction List on 8/08/12, CBST is +29% vs. +20% for the S&P 500; over the LTM CBST is +32% vs. the S&P 500 +22%.”

Cubist Pharmaceuticals closed on Tuesday at $57.00.

Latest Ratings for CBST

Nov 2014Credit SuisseDowngradesOutperformNeutral
Nov 2014SunTrust Robinson HumphreyInitiates Coverage onBuy
Nov 2014WedbushInitiates Coverage onNeutral

View More Analyst Ratings for CBST
View the Latest Analyst Ratings

Posted-In: Goldman Sachs Terence FlynnAnalyst Color Downgrades Analyst Ratings


Related Articles (CBST)

Around the Web, We're Loving...

Get Benzinga's Newsletters