Market Overview

UPDATE: Oppenheimer Holdings Downgrades Celgene Corporation to Perform, Removes PT

Share:
Related CELG
Benzinga's Top Upgrades, Downgrades For September 15, 2017
Wall Street's M&A Chatter From September 14: Juno, Mallinckrodt, Cornerstone OnDemand
Stocks To Watch: Neurocrine Biosciences Sees Relative Strength Rating Jump To 91 (Investor's Business Daily)

In a report published Monday, Oppenheimer Holdings downgraded its rating on Celgene Corporation (NASDAQ: CELG) from Outperform to Perform, and removed its $77.00 price target.

Oppenheimer noted, “We are downgrading Celgene from Outperform to Perform and removing our $77 price target. We believe that the company is trading in line with its peers (15x our 2014E GAAP EPS of $5.36). Although we estimate Revlimid will grow 14%/yr over the next three years, we believe that Celgene is likely to make several substantial acquisitions over the next 1-2 years in order to extend top-line growth beyond Revlimid. We analyzed Celgene's acquisitions of Pharmion, Abraxis, and Gloucester and came to the conclusion that these acquisitions had limited, if any, return based on the acquisition price. Given the recent strong performance for the entire biotech sector, we believe that it will be more difficult for Celgene to find good acquisitions.”

Celgene Corporation closed on Friday at $78.42.

Latest Ratings for CELG

DateFirmActionFromTo
Sep 2017RBC CapitalInitiates Coverage OnTop Pick
Jul 2017ArgusUpgradesHoldBuy
Jul 2017BMO CapitalMaintainsOutperform

View More Analyst Ratings for CELG
View the Latest Analyst Ratings

Posted-In: Oppenheimer HoldingsAnalyst Color Downgrades Analyst Ratings

 

Related Articles (CELG)

View Comments and Join the Discussion!
Loading...
Loading...