UBS Cuts Estimates on Vertex (VRTX): Keep 'Buy' Thesis and Bullish View
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Price: $505.75 -2.07%
Rating Summary:
38 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
38 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Buy' on Vertex (NASDAQ: VRTX) price target of $60.00 (from $63.00).
Analyst, Matthew Roden, said, "Although we’ve been below-consensus on Incivek, our Buy thesis is based on VX-809 combo data, with optionality for VX-661 and the Alios nucs. Therefore we see the 2Q developments as in line with our bullish view, although we view the timing of ph2 VX-661 full data (2013) as disappointing as it eliminates a key catalyst for the stock 2H12. However, we remain bullish on CF following recent expert calls, and view Vertex’ CF combo as being on solid ground ahead of full data this Fall."
UBS axes FY12 EPS estimate from $2.67 to $1.52 and FY13 from $4.19 to $1.86.
For an analyst ratings summary and ratings history on Vertex click here. For more ratings news on Vertex click here.
Shares of Vertex closed at $49.96 yesterday.
Analyst, Matthew Roden, said, "Although we’ve been below-consensus on Incivek, our Buy thesis is based on VX-809 combo data, with optionality for VX-661 and the Alios nucs. Therefore we see the 2Q developments as in line with our bullish view, although we view the timing of ph2 VX-661 full data (2013) as disappointing as it eliminates a key catalyst for the stock 2H12. However, we remain bullish on CF following recent expert calls, and view Vertex’ CF combo as being on solid ground ahead of full data this Fall."
UBS axes FY12 EPS estimate from $2.67 to $1.52 and FY13 from $4.19 to $1.86.
For an analyst ratings summary and ratings history on Vertex click here. For more ratings news on Vertex click here.
Shares of Vertex closed at $49.96 yesterday.
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