February 25, 2015 5:05 PM | 1 min read |
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
In a report published Wednesday, Deutsche Bank analyst Robyn Karnauskas downgraded
Pharmacyclics Inc. (NASDAQ: PCYC) to Hold, while raising the price target from $205 to $235. The downgrade followed a Bloomberg report mentioning that Johnson & Johnson (NYSE: JNJ) and Novartis AG (NYSE: NVS) may be interested in acquiring the company for about $15 billion.In the report, Deutsche Bank noted, "From our current TP of $205 we get to $226/sh by reducing the discount rate to 8% (from 8.5%) and reducing the tax rate to 20% (JnJ's current assumed tax rate). A 15% tax rate adds am add; $13/sh to the DCF (or $239/sh).""Every addl $1 billion in sales adds $30-35/sh to the DCF, we see a large co like JNJ or Novartis as potentially expanding the mkt beyond what we model," Karnauskas explained."Each 10% improvement in SG&A adds $2/sh to the DCF. We don't think that an acquirer can cut expenses much because the co is expected to have a good margin profile in our model," the analyst added. "Using our range of $226/261/sh take out value could be $17.6-$20.4B," Karnauskas said, while adding that the hike in TP and downgrade in rating was "because we do not see much upside from current valuation at $221/sh."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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