UPDATE: Stifel Nicolaus Cuts PT to $118 on Alexion Pharmaceuticals; 2013 is Back-Weighted

Stifel Nicolaus maintained Alexion Pharmaceuticals

with a Buy rating and lowered the price target from $125.00 to $118.00. Stifel Nicolaus said, "Alexion posted FY12 top/bottom-line growth of >40% in the 5th consecutive year of Soliris commercialization – growth that appears readily achievable once again in FY13. While acknowledging the timing of European aHUS reimbursements and incremental data/news flow (mostly 2H13-weighted) is likely limiting the sense of urgency here, we remain hard-pressed to find a company with better fundamentals. We're taking our previously Street-high FY13 and forward-year estimates down marginally, reducing our target price to $118 (previously $125), and remaining Buy-rated." Alexion Pharmaceuticals closed at $87.63 on Thursday.