Medivation (MDVN) PT Raised to $76 at Maxim Group with Shares 'In Play'

Maxim Group analyst Jason Kolbert raised his price target on Buy-rated Medivation (NASDAQ: MDVN) to $76.00 (from $47.00) with the company 'in play'.

Kolbert highlighted:

• Medivation is returning to new highs as suitors line up to make acquisition bids. In this scenario what is the right discount rate for modeling purposes?
• We believe our model for Xtandi revenues is good, therefore we review our risk rating and determine the following:
  • 30% = $47
  • 15% = $76
  • 10% = $99
• With Medivation's board having now said No to anything less that $65 per share, it suggests to us that the stability and predictability of Xtandi's revenues is greater than we thought, the risk is lower. Our intermediate risk rating is 15% or $76 fair value.
• Medivation reports tonight at 4:30pm. Dial-in: 877-303-2523; Conference ID: 95457891
• We expect the focus to be on the recent proposals from Sanofi (SNY $38.75-NR) ;Pfizer (PFE $33.40 -NR), AstraZeneca (AZN $28.26-NR) and just today, Amgen (AMGN - $154.18 - NR).

For an analyst ratings summary and ratings history on Medivation click here. For more ratings news on Medivation click here.

Shares of Medivation closed at $59.06 yesterday.

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