- Credit Suisse upgrades Celgene (CELG) to Outperform from Neutral in a move analyst Ravi Mehrotra says "is as much about relative growth as revenue and EPS upgrades."
- Mehrotra sees 2017 total sales and EPS of $13B and $16 (up from $11B and $13.57).
- The new estimates are largely attributable to an increase in the projection for Revlimid sales, which are now seen at $7.6B, up from $6.8B. The more upbeat assessment is due to "lengthening of treatment duration and increasing penetration in the first-line setting."
- CAGR projections from 2013-2017: 19% top-line and 28% bottom-line.
- Price target hiked to $210 from $165.
- CELG +1.3% premarket
Credit Suisse gets bullish on Celgene
Dec 10 2013, 08:30 ET