UPDATE: Jefferies Upgrades Medicines to Buy on Attractive Risk/Reward

Jefferies raised its rating on Medicines

from Hold to Buy and increased its price target from $24 to $34. Jefferies commented, "We are upgrading MDCO to Buy from Hold with a new $34 PT on attractive reward/risk ahead of the cangrelor PHOENIX topline data ~early 2013. With cangrelor potentially under-appreciated given PHOENIX's complexity and previous PIII failures, we conducted a proprietary analysis to support 70% odds of success. Our DCF analysis supports a ~$10 upside on trial success, outweighing a $2-$3 downside driven by negative sentiment on failure." Medicines closed at $23.98 on Monday.