UPDATE: Jefferies Maintains Buy, Ups PT to $78 on Celgene

Jefferies reiterates its Buy rating on Celgene (NASDAQ: CELG) and raises its price target to $78 from $72 as the company provides guidance for 2012.

Jefferies notes, "CELG reported topline 4Q11 financials that were largely in line with our estimates and provided 2012 guidance that beat our expectations. CELG raised its 2015 outlook to revenue of $8-9b from $8b, in line with our estimate of $8.6b. During its presentation, CELG provided incremental updates on its ongoing clinical and regulatory efforts."

CELG closed at $68.23 per share on Monday.