UPDATE: Jefferies Maintains Hold on Alexion Pharmaceuticals; Raises PT from $76 to $88

Jefferies maintained a Hold rating on Alexion Pharmaceuticals

and raised its price target from $76 to $88. Jefferies wrote, “In its 6th year on the market, Soliris sales are still going strong (2Q12 non-GAAP EPS beat of $0.47 vs. our/cons. $0.40/$0.36). Currently trading at ~17x FY12 revenue vs. ~8x for peers (~55x FY12 earnings), we view success of sizable new indications/products in development would be needed to drive multiple expansion from current lofty levels.” Alexion Pharmaceuticals closed at $105.13.