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Friday, Dec 7
2012, 12:33 PM
Alexion Pharmaceuticals (ALXN -3.3%) dips after Citigroup intitiates coverage with a tepid...
Alexion Pharmaceuticals (ALXN -3.3%) dips after Citigroup intitiates coverage with a tepid Neutral rating, saying its current risk/reward profile isn't attractive. The firm notes that ALXN is presently trading at a very high P/E multiple that reflects optimistic expectations for upward EPS revisions. If history is a guide, the company will need to post significant upside surprises to offset the natural multiple contraction that is likely ahead.