Mizuho Securities Starts Celgene (CELG) at Buy, $130 PT
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Mizuho Securities initiates coverage on Celgene (NASDAQ: CELG) with a Buy rating and a price target of $130.00.
Analyst Salim Syed highlighted:
- Stock trades above its DCF valuation but below its PE valuation
- This is a "growthy" large-cap biotech stock
- We carry about a 2/3 shot of Ozanimod and GED-301 working in their lead indications
- CELG has a series of potential single/double base hits in the near to medium term that can add value CELG also has several assets that the we and the street currently assign little to no credit
- Essentially, these are largely “call options” for the company
- We see minimal risk to the base business (largely Revlimid), but acknowledge the possibility of other generic filers
- CELG has been an active buyer of its own stock, has historically revised its long-term guidance upward, and currently seems to believe that its 2020 guidance is conservative
- We believe CELG can hit its 2020 guidance (and 2016 guidance)
Shares of Celgene closed at $103.44 yesterday.
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