In a report published Monday, BMO Capital Markets reiterated its Outperform rating on Celgene Corporation (NASDAQ: CELG), and raised its price target from $101.00 to $113.00. BMO Capital Markets noted, “We reiterate our Outperform rating on shares of CELG and increase our price target to $113. Review of longer-term estimates suggests that the high end of 2017 EPS guidance of $13-$14 is realistic and that an EPS CAGR of 23%+ should support further multiple expansion. We continue to believe that Abraxane pancreatic cancer data on January 24 will be better than expected, MM-020 frontline data for Revlimid will support front-line filing in Europe, and multiple levers remain available to exceed near-, intermediate- and long-term guidance.” Celgene Corporation closed on Friday at $96.30.
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Tags: BMO Capital Markets
Posted in: Analyst Color, Price Target, Analyst Ratings