Celgene (CELG) PT Lifted to $167 at Nomura on Building Momentum

Nomura Securities analyst M. Ian Somaiya reiterated his Buy rating and boosted his price target on Celgene (NASDAQ: CELG) to $167.00 (from $165.00) following 2Q earnings, which saw largely in-line revenue, but an EPS beat on continued operating leverage.

Somaiya commented, "We believe CELG is well positioned to deliver upside given the combination of conservative guidance and multiple data readouts. We believe 2015 Revlimid guidance of ~$5.6-$5.7bn implies just ~6% growth in 2H over 1H, a low bar given recent 1st line label expansion and combination data in 2nd line setting. On the clinical side, we believe Revlimid REMARC Phase III data in diffused large B cell lymphoma and confirmation of GED-0301’s mucosal healing benefit (both in 4Q) in Crohn’s are the most important catalysts in 2015, as they could provide visibility into $5bn sales potential. The combination of revenue growth, operating leverage, and pipeline visibility makes CELG our top large-cap pick for 2015."

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 $139.01 yesterday.

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