Baird Boosts Price Target on Genetch (DNA) to $95, Sees Higher Bid for Roche
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Robert W. Baird raises its price target on Genentech (NYSE: DNA) to $95, following Roche's $89 per share bid for the company.
Analyst Christopher Raymond said, "we believe the thin premium and apparent importance of the Genentech relationship to Roche point toward a potentially higher bid as this process unfolds. We are now buyers into the low-to-mid $90 range."
Raymond thinks a higher price will ultimately be paid be pad citing: 1. the deal will unlikely get support from the 50.1% non-Roche holders at the current price, due to the low premium. 2. Roche needs this deal as the top three Roche drugs (40% of revenue) are from Genentech.
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