Wells Fargo Starts Celgene (CELG) at Outperform, Valuation Range of $65-$69

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Wells Fargo initiates coverage on Celgene (NASDAQ: CELG) with an Outperform rating and a valuation range of $65-$69. The firm has FY10 and FY11 EPS estimates of $2.85 and $3.21placed on the company.

The firm reported that, "We expect label expansion to help Celgene maximize the European multiple myeloma (MM) opportunity, which we expect to grow to $1.2B by 2014."

For more ratings news on Celgene click here and for the rating history of Celgene click here.

Shares of Celgene closed at $57.05 yesterday, with a 52 week range of $48.02-$65.79.

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