UPDATE: Citigroup Upgrades Regeneron Pharmaceuticals, Inc. to Buy

On Monday, Citigroup upgraded shares of Regeneron

from Neutral to Buy and raised the price target from $342 to $390. Analyst Yaron Werber does not “anticipate finding a better entry point near term.” In the note, Werber cited an in-house survey of retinal surgeons which “suggests Eylea will beat ests near/long term due to solid demand in [diabetic macular edema].” Regeneron's pipeline is full of “value that is still not being priced into the stock,” said the analyst. Werber sees revenues of $850M, $230M, $137M, and $530M from alirocumab, sarilumab, dupilumab in AD, and dupilumab in asthma respectively. Werber's $390 price target is based on “30x 2015E EPS of $12.99.” Shares of Regeneron are up 1.43 percent to $334.20 in Monday's pre-market trading. The analyst's price target is 16.5 percent above current levels.