Baird Downgrades Biogen (BIIB) to Neutral; Diminished Growth Prospects
Baird downgraded Biogen (NASDAQ: BIIB) from Outperform to Neutral with a price target of $316.00 (from $480.00), saying lackluster sales and lowered guidance leaves a growth void.
Analyst Brian Skorney commented, "We're aware that this downgrade may be too little, too late given the freefall the stock has seen this last week. If we were able to build confidence that management is just being conservative on their revised "minimal growth" guidance, there may be a substantial upside opportunity. Until we have that confidence, we're moving to a Neutral/Higher Risk rating and lowering our price target to $316."
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 $300.03 yesterday.