UPDATE: Jefferies Raises PT to $154 on Biogen Idec; Strong MS Dynamics

Jefferies raises its price target from $137 to $154 on Buy-rated Biogen Idec

as a Q1 weak top-line is offset by strong underlying dynamics in MS franchises. Jefferies comments, "In 1Q12, we were reassured that the Avonex miss was likely due to one-time factors and see strong positive Tysabri trends in net patient adds (+1900 vs +1100 in 4Q), use in newly diagnosed patients, and low discontinuations. We are raising our price target from $137 to $154." BIIB closed at $131.83 on Tuesday.