Mizuho Securities Starts Celgene (CELG) at Buy, $130 PT

November 7, 2016 4:42 PM EST
Get Alerts CELG Hot Sheet
Price: $112.31 -0.31%

Rating Summary:
    28 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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)

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

Shares of Celgene closed at $103.44 yesterday.

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