Jefferies upgraded Vertex (NASDAQ: VRTX) from Hold to Buy with a price target of $120.00 (from $142.00), saying they see a good entry point on stock decline.

Analyst Brian Abrahams commented, "We remain positive about the core CF business's sales potential and operating leverage, and while Street Orkambi numbers may still be hard to beat NT, we believe shares in the low $90s already discount an excessively cautious case on future label expansions, compliance/persistence, pricing, and competitive uncertainties. We believe sector weakness provides a good LT entry point in VRTX as they transition to profitability."

The firm lowered FY 2016 EPS from $2.33 to $1.97 and FY 2017 EPS from $5.04 to $4.00.

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 $90.75 yesterday.