UPDATE - Needham & Company Upgraded Targacept (TRGT) to Strong Buy; Valuation Attractive after Distraction of AstraZeneca TC-5619 Option Decision
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Price: $0.96 --0%
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - Needham & Company upgraded Targacept (NASDAQ: TRGT) from Buy to Strong Buy. PT $32.
Needham analyst says, "Targacept management provided a quarterly update in a conference call yesterday. Recent weakness in the stock, which we believe is related to AstraZeneca’s (NYSE: AZN)(NotRated) decision not to license TC-5619, has created an attractive entry point for investors. We expect the stock to rebound over the course of 2011 as we approach TC-5214 Phase 3 results in depression late this year. Given the drop in valuation to ~$450MM EV, we are upgrading to STRONG BUY with a $32 price target (unchanged). We do not believe the stock adequately reflects the value of TC-5214 (much less the NNR platform), given our expectations for a positive Phase 3 outcome and revenue potential ($2B+ sales; $1.04B milestone payments)."
To see all upgrades/downgrades on shares of TRGT, visit our Analyst Ratings page.
Needham analyst says, "Targacept management provided a quarterly update in a conference call yesterday. Recent weakness in the stock, which we believe is related to AstraZeneca’s (NYSE: AZN)(NotRated) decision not to license TC-5619, has created an attractive entry point for investors. We expect the stock to rebound over the course of 2011 as we approach TC-5214 Phase 3 results in depression late this year. Given the drop in valuation to ~$450MM EV, we are upgrading to STRONG BUY with a $32 price target (unchanged). We do not believe the stock adequately reflects the value of TC-5214 (much less the NNR platform), given our expectations for a positive Phase 3 outcome and revenue potential ($2B+ sales; $1.04B milestone payments)."
To see all upgrades/downgrades on shares of TRGT, visit our Analyst Ratings page.
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