Baird Maintains a 'Neutral' on Dendreon (DNDN); Restructuring Plan Helpful But Top-Line Trajectory No More Certain

Baird maintains a 'Neutral' on Dendreon (NASDAQ: DNDN) price target of $14.00.

Baird analyst says, "Based on management's new restructuring plan we are pulling forward our break-even assumption by one year and are encouraged by the more aggressive cost cutting. However, this remains first and foremost a revenue growth story, and with July/August trends about as expected, we see little reason to raise our dramatically lowered near-term numbers. Longer-term, our estimates also remain unchanged, but now higher risk given the commercial leadership's state of flux. Remain on the sidelines."

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

Shares of Dendreon closed at $10.88 yesterday.

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