UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Celgene Corporation

In a report published Friday, Citigroup reiterated its Buy rating on Celgene Corporation CELG, and raised its price target from $93.00 to $114.00. Citigroup noted, “Coming out of Q4:12 earnings Celgene's business continues to perform well and we're bullish on the 2013 outlook and see many ways for Celgene to meet/beat ests. We believe Revlimid sales will continue to grow in 2013 and upside to revs and EPS guidance will be bolstered by: 1) strong Abraxane sales given the recent positive pancreatic data; 2) recent Abraxane NSCLC approval; 3) delayed generic Vidaza; and 4) the remaining ~$1.8B in stock buybacks. Celgene is our top idea for lg cap biotech and we expect positive data from the MM-020 study in March/April and that should drive both upwards revs/EPS revisions in 2014 and beyond and multiple expansion. In addition, upcoming apremilast Ph 3 data in psoriasis in Q1:13 and regulatory filing this year should further drive multiple expansion.” Celgene Corporation closed on Thursday at $97.49.