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In a report published Tuesday, Deutsche Bank analyst Robyn Karnauskas reiterated a Buy rating on Biogen Idec
BIIB, and raised the price target from $170.00 to $240.00.
In the report, Karnauskas noted, “Raising TP as we feel more confident w/ Tecfidera launch on positive doc checks & strong scripts. Based on doc checks we expect hemophilia launch would also beat expectations. We expect a stable BIIB base biz due to stablization of Avonex franchise & continuous Rituxan strength. The company would likely share capital allocation plans soon which could provide upside. Street is not modeling share-buybacks. We model BIIB returning ~50% of net income (in line with peers) & see BIIB at $254/sh on PE (15x to ‘17 EPS and 8% disc rate). BIIB bought back $2B worth shares in 2010.”
Biogen Idec closed on Monday at $215.20.
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