After hosting investor meetings with management, Jefferies analyst Michael Yee is more positive on his view that Celgene (CELG) shares can rebound to $125 over the next 12-18 months. The biotech closed Friday up 75c to $104.10. The company could generate “a conservative” $50B in free cash flow in the next five year even before Revlimid starts eroding in 2022, Yee tells investors in a research note. As such, management “can easily deploy the balance sheet” and bring in one or a few late-stage assets to diversify and ease investor concerns, the analyst adds. Yee thinks PARP inhibitors like Clovis Oncology (CLVS) “fit that mold and that’s a good first step.” The analyst has a Buy rating on Celgene with a $125 price target.