Vertex (VRTX) PT Raised to $500 at TD Cowen

TD Cowen analyst Phil Nadeau raised the price target on Vertex (NASDAQ: VRTX) to $500.00 (from $450.00) while maintaining a Buy rating.

The analyst commented, "We are updating our model in conjunction with TD Cowen Biotech's Q2 earnings preview. Specifically, we are updating Q2 estimates to reflect the one-time IPR&D charge of ~$4.4B related to the Alpine acquisition. We are also increasing our DCF-based P.T. from $450 to $500 to reflect additional years of CF franchise commercial life. We continue to consider VRTX a core large cap biotech holding."

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