Wedbush Raises Price Target on Cubist Pharmaceuticals (CBST) Follwoing New Model Outlook
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Price: $101.94 --0%
Rating Summary:
6 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
6 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Wedbush is reaffirming its Outperform rating on shares of Cubist Pharmaceuticals (NASDAQ: CBST) while raising its price target from $40 to $50.
The company released its Q3 results with EPS of $0.40 as CUBICIN sales rose 21 percent year over year. Management noted the co-promote on DIFICID with Optimer may have lead to an organic increase in CUBICIN sales for the quarter. The firm believes that CUBICIN sales will remain the key metric for the stock.
The firm has cut its 2011 and 2012 EPS estimates from $0.93 and $1.95 to $66 and $1.92. The firm raised its revenue estimates on the two years from $710 million and $780 million to $745 million and $868 million.
An analyst at Wedbush comments, "We are increasing our Price Target to $50 from $40, following changes to our model, and a re-assessment of CBST’s value given new intellectual property that could extend CUBICIN co-exclusivity with TEVA to 2028."
For more ratings news on Cubist Pharmaceuticals click here and for the rating history of Cubist Pharmaceuticals click here.
Shares of Cubist Pharmaceuticals closed at $36.42 yesterday.
The company released its Q3 results with EPS of $0.40 as CUBICIN sales rose 21 percent year over year. Management noted the co-promote on DIFICID with Optimer may have lead to an organic increase in CUBICIN sales for the quarter. The firm believes that CUBICIN sales will remain the key metric for the stock.
The firm has cut its 2011 and 2012 EPS estimates from $0.93 and $1.95 to $66 and $1.92. The firm raised its revenue estimates on the two years from $710 million and $780 million to $745 million and $868 million.
An analyst at Wedbush comments, "We are increasing our Price Target to $50 from $40, following changes to our model, and a re-assessment of CBST’s value given new intellectual property that could extend CUBICIN co-exclusivity with TEVA to 2028."
For more ratings news on Cubist Pharmaceuticals click here and for the rating history of Cubist Pharmaceuticals click here.
Shares of Cubist Pharmaceuticals closed at $36.42 yesterday.
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