Goldman Sachs Maintains Bullish Stance on Biogen (BIIB), Sees Room for Significant Upside

Goldman Sachs reiterated their Buy rating and $150 price target on Biogen (NASDAQ: BIIB) following yesterday's earnings and subsequent sell-off. They continue to see room for significant upside.

The firm said the takeaways from the call and management discussion is BG-12 is on track and they expect a strong launch in early 2013. Management also addressed concerns on both revenue and spending and confidence to deliver on guidance. On capital allocation, Biogen plans to $500 million in buybacks over the remainder of the year to return cash to shareholders. Goldman expects this to increase over time.

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $131.83 yesterday.

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