Barclays Maintains an 'Overweight' on Celgene (CELG); Stumble in Europe, But Expect Continued U.S. Growth

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Barclays maintains an 'Overweight' on Celgene (NASDAQ: CELG) price target of $74.00 (from $83.00).

Analyst, Ying Huang, said, "Withdrawal of European application is disappointing, yet not completely unexpected...We lower our PT to $74, but stock should be supported by floor valuation of $60. Even without front-line maintenance approval in Europe, Revlimid should continue to grow in both the US and Europe on longer duration and higher number of patients."

Barclays lowers FY13 EPS estimate from $5.27 to $4.86.

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 $59.45 yesterday, with a 52 week range of $51.70-$80.42.

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