UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on Celgene Corporation Following Strong 3Q13 Results, Raised FY13 Guidance

In a report published Friday, Brean Capital analyst Gene Mack reiterated a Buy rating on

, and raised the price target from $153.00 to $191.00. In the report, Brean Capital noted, “CELG reported 3Q13 of $1.56 per share, beating our $1.50 estimate and inline with consensus of $1.55. Management updated guidance for FY13, reiterated sales guidance of $6.2B but increased EPS to $5.90-5.95 from $5.80-5.90 per share. We are rolling our P/E based price target out to our 2014 EPS estimate of $7.63 and increasing our multiple to 25x, which increases our PT to $191, due to the potential for Revlimid label expansion and Apremilast approval as well as continued Abraxane growth throughout 2014.” Celgene Corporation closed on Thursday at $157.96.