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UPDATE: Credit Suisse Reiterates On Biogen Idec On Gilenya PPMS Risk

By Insider Scoop
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Courtesy of Benzinga.

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In a report published Wednesday, Credit Suisse analyst Ravi Mehrotra reiterated an Outperform rating on Biogen Idec Inc (NASDAQ: BIIB), but lowered the price target from $425.00 to $400.00.

In the report, Credit Suisse noted, “We have separately published today a note titled ‘Get INFORMed – PPMS Gilenya – Potential Significant Impact on All MS Players’. Concomitantly, we are reducing our BIIB TP to $400 to take into account the ‘Gilenya PPMS’ risk described in the deep dive, but retain an Outperform recommendation based on our standing view of premium to large cap biotech and S&P warrant by quality and magnitude of revenue earnings growth, domain domination, pipeline (esp anti-LINGO) and 2015 capital allocation upside. Our $400 TP corresponds to 26x 2015 EPS (65% premium to the S&P500’s 16x) vs. our previous TP of $425 (which is a 75% premium).”

Biogen Idec closed on Tuesday at $305.56.

Latest Ratings for BIIB

Date Firm Action From To
Nov 2014 Credit Suisse Maintains Outperform
Oct 2014 Citigroup Maintains Buy
Oct 2014 Baird Upgrades Neutral Outperform

View More Analyst Ratings for BIIB
View the Latest Analyst Ratings

Posted-In: Credit Suisse Ravi MehrotraAnalyst Color Price Target Analyst Ratings

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