Cantor Fitzgerald Maintains a 'Buy' on Celgene (CELG); Cutting Numbers After European Application Withdrawn
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Price: $123.44 --0%
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 7 | New: 10
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 7 | New: 10
Trade CELG Now!
Cantor Fitzgerald maintains a 'Buy' on Celgene (NASDAQ: CELG) price target of $73.00 (from $90.00).
Analyst, Mara Goldstein, said, "Celgene has withdrawn its European application for Revlimid for use in newly-diagnosed and maintenance therapy for multiple myeloma and will resubmit when additional data regarding overall survival and secondary primary malignancy (SPM) become available...We are reducing our 2012 and 2013 EPS forecasts to $4.71 and $5.58, respectively, vs. $4.76 and $5.68, but these reductions are less than we would have anticipated with a delay in expanded Revlimid indications."
"Nonetheless, the overall impact is negative, and the valuation now stands at 10.7x our 2013 EPS forecast. However, based Revlimid's existing growth rate, P&L leverage and a few other factors such as delayed generic Vidaza, we believe the shares are deserving of a higher multiple of 13x forward EPS. The peer range is 10.5-19.3x."
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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Analyst, Mara Goldstein, said, "Celgene has withdrawn its European application for Revlimid for use in newly-diagnosed and maintenance therapy for multiple myeloma and will resubmit when additional data regarding overall survival and secondary primary malignancy (SPM) become available...We are reducing our 2012 and 2013 EPS forecasts to $4.71 and $5.58, respectively, vs. $4.76 and $5.68, but these reductions are less than we would have anticipated with a delay in expanded Revlimid indications."
"Nonetheless, the overall impact is negative, and the valuation now stands at 10.7x our 2013 EPS forecast. However, based Revlimid's existing growth rate, P&L leverage and a few other factors such as delayed generic Vidaza, we believe the shares are deserving of a higher multiple of 13x forward EPS. The peer range is 10.5-19.3x."
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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