UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Celgene Corporation Following 3Q Call

In a report published Friday, Deutsche Bank analyst Robyn Karnauskas reiterated a Buy rating on Celgene Corporation CELG, and raised the price target from $115.00 to $134.00. In the report, Deutsche Bank noted, “The focus of the 3Q call was the strong Otezla launch, and the pipeline, which we believe could potentially double the mkt cap in the next 3-5 years. We see CELG's pipe as the most transformative in biotech. We project a 25% CAGR on EPS from '14-19 (greater than BIIB's) and thus are incr. our '15 multiple to BIIB's (Buy, CP -USD 316)'15 multiple of 26x. We also see NT removal of IP overhang and diversification beyond Revlimid. Our new TP is $134. We strongly believe in the LT prospects of the co. and note the street could start including the pipe in'15.” Celgene Corporation closed on Thursday at $100.40.