Brean Capital Starts Celgene (CELG) at Buy

Brean Capital initiates coverage on Celgene (NASDAQ: CELG) with a Buy. PT $100.00.

The firm comments, "Our 18x price-to-earnings multiple is at the high end of the large-cap biotech group (13-20x), but appropriately reflects the 18% CAGR in EPS that we forecast between 2012 and 2015, driven by top-line growth from three new product launches over the next 12 months that we forecast could add $3-5B in peak sales within the next 3-5 years. CELG has offered long-term guidance of achieving $8-9B in peak revenue by 2015, and our conservative estimates suggest the company will easily meet the low end of that guidance."

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

Shares of Celgene closed at $77.12 yesterday.

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