Credit Suisse Upgrades Alexion Pharmaceuticals (ALXN) to Outperform

Credit Suisse upgraded Alexion Pharmaceuticals (NASDAQ: ALXN) from Neutral to Outperform with a price target of $165.00 (from $186.00).

Analyst Alethia Young commented, "We are upgrading Alexion shares from Neutral to Outperform. Our new TP is $165 vs. $186/sh. We think the stock has more potential for upside surprises than downside surprise at this level. We think expectations now bake in biosimilar/competition risk, and we see various products in the pipeline that could drive upside from here. We also outline what needs to work for Alexion shares to further recover from here. However, we did lower our target price mostly driven by lower long-term estimates for Kanuma ($581M old vs. $249M new in 2020 vs. $490M consensus). We would rather think of a better than expected Kanuma launch as upside vs. essential to our base case."

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

Shares of Alexion Pharmaceuticals closed at $124.42 yesterday.

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