Post-Q3 Selloff in Celgene (CELG) Probably Correction Following Recent Run - RBC
Get Alerts CELG Hot Sheet
Rating Summary:
7 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
RBC affirms Celgene Corp. (Nasdaq: CELG) at Outperform with a price target of $150 following Q3 results issued earlier.
Analyst Michael Yee noted that results for Celgene were relatively inline with expectations amid recently raised guiance when the company did its RCPT deal. The analyst continued, Revlimid was a little light, Abraxane was a miss, and Otezla was a beat. But expectations are generally high as they do often beat/raise. Going forward if there was a short-term quarterly P&L risk to think about it would be that Q4 assumes a strong seasonal uptick to get to their guidance and consensus and consensus EPS is already much higher than guidance and they only maintained guidance here which would worry some investors. We aren't concerned and they typically have a good Q4 and then come out with a positive outlook in January at HC conferences.
Yee notes that a trade-down following results and affirmed guidance is probably an overreaction given the 10 percent run-up in the name into the results.
For an analyst ratings summary and ratings history on Celgene click here. For more ratings news on Celgene click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Amazon.com (AMZN) PT Raised to $215 at UBS
- Comcast Corp (CMCSA) PT Lowered to $48 at Pivotal Research
- Can Boeing overcome struggles? Analysts see 'path back to normal' after earnings
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS ViewSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!