Cowen & Co Upgrades Celgene (CELG) to Outperform on Valuation
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Cowen & Co upgrades Celgene (Nasdaq: CELG) from Neutral to Outperform.
Cowen analyst says, "We are upgrading CELG from Neutral to Outperform based on what we see as an attractive entry point driven by recent volatility in the broader markets. CELG has >$2.7B in cash and is expected to generate >$1B in free cash flow in 2009 and beyond, and we project a 5-yr EPS CAGR of 28% from 2008-2013. While broader economic issues could continue to pressure the sector, we do not expect a negative impact on cancer drug pricing or demand. Trading at 24x our 2009 EPS estimate, CELG shares are not cheap relative to the peer group (range 12-21x), but we think the superior growth (2-4x) over the next few years justifies a multiple over the next years in the 22-25x range and implies the stock should outperform the market by 15-30% in the next 12 months."
Celgene Corporation is an integrated biopharmaceutical company.
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