Deutsche Bank Starts Biogen-IDEC (BIIB) at Hold
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Deutsche Bank initiates coverage on Biogen-IDEC (Nasdaq: BIIB) with a Hold rating and $60 price target. The firm said they see M&A strategic value (including synergies) in the high $70s, but view a near term take-out as relatively unlikely.
The firm said the stock could see near-term pressure after the June 19th annual meeting if activist investor Carl Icahn is not successul in getting directors on the board, as any embedded M&A premium begins to fade.
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