UPDATE: Deutsche Bank Upgrades Celgene Corporation to Buy, Raises PT on Revenue Diversification

In a report published Friday, Deutsche Bank analyst Robyn Karnauskas upgraded the rating on Celgene Corporation

from Hold to Buy, and raised the price target from $105.00 to $143.00. In the report, Karnauskas noted, “Although we were concerned about Revlimid being the sole driver, we have warmed to revenue diversification with Abraxane & Pomalyst. Apremilast, being developed for psoriasis & psoriatic arthritis (PsA), is really the one asset where consensus expectations are below co. guidance. We too were somewhat concerned after initial checks on Apremilast. However, after a further survey of 100 dermatologists & rheumatologists, who suggest Apremilast is a blockbuster, we are encouraged. This result, with the revenue diversification, prompts us to upgrade to Buy & $143 TP.” Celgene Corporation closed on Thursday at $115.95.