UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Pharmacyclics, Inc. as Deal Looks Likely to Happen

In a report published Friday, Credit Suisse analyst Jason Kantor reiterated a Neutral rating on

, and raised the price target from $233.00 to $261.00. In the report, Credit Suisse noted, "We are increasing our target price to $261, the agreed purchase price from ABBV, from $233. We believe the probability of the deal closing is very high. PCYC's remarkable rise highlights the power of a truly novel, first-in-class drug to both impact patients and create huge value for shareholders. We view the ABBV deal as rational, creating the leading franchise in CLL and NHL, with potential upside in solid tumors, multiple myeloma, and autoimmune disease. Given all that has been said about the drug, the deal price, and the strategic rationale, we thought it was worthwhile reflecting on some of the champions of this program at PCYC (see page 2 for our thoughts on the deal)." Pharmacyclics, Inc. closed on Thursday at $254.22.