UPDATE: Citigroup Upgrades Biogen Idec to Buy on Strong Fundamentals

Citigroup upgraded Biogen Idec

from Neutral to Buy and raised the price target from $160.00 to $187.00. Citigroup commented, "We are upgrading Biogen to Buy as we simply do not see a better entry point anytime soon. We have been on the sidelines hoping to find material weakness, but alas, the fundamentals are too strong and recent PEG-Avonex positive ph 3 data and Tysabri acq from Elan should lead to sustainable upside relative to expectations. We expect that Biogen will come to dominate the MS market in the same way that Gilead dominates HIV and this should lead to tremendous operating synergy and margin expansion. Along with a deep mid-stage pipeline, Biogen should provide sustainable long-term revs/EPS growth." Biogen Idec closed at $161.75 on Thursday.