UBS Maintains a 'Buy' on Biogen (BIIB); Raising PT on MS Franchise Strength

UBS maintains a 'Buy' on Biogen (NASDAQ: BIIB) price target raised from $113 to $132.

UBS analyst says, "Solid 3Q performance in core products, upside from pipeline - We are updating our BIIB ests following continued strength in the core multiple sclerosis (MS) franchise and on the heels of positive CONFIRM data and strong Avonex sales. While 3Q Tysabri numbers were mixed vs. consensus and UBSe, we are raising Tysabri estimates on bullish expert feedback from ECTRIMS, and ahead of the FDA label update to include the JCV assay. We are lowering Avonex, but on balance our 2012-15 numbers and PT go higher...In light of the recent developments, we view Biogen’s earnings reacceleration story as the best in big biotech, moving from a 2011 EPS growth of 16% y/y to 32% and 20% in 2014 and 2015."

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

Shares of Biogen closed at $118.72 yesterday.

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