Jefferies Ractchets Numbes on Biogen (BIIB) Higher Post Q2

Jefferies boosted its price target on Buy-rated Biogen (NASDAQ: BIIB) from $248 to $266 following Q2 resutls.

Analyst Thomas Wei comments, "BIIB reported 2Q13 earnings of $2.30, beating our estimate of $1.97, driven largely by stronger-than-anticipated sales of Tecfidera (BG-12), but offset by weak Tysabri sales. We have revised our model and MS market dynamic assumptions to reflect the projected dominance of Tecfidera and are raising our price target from $248 to $266."

The firm raised FY 2013 EPS from $7.08 to $8.36 and FY 2014 EPS from $9.62 to $14.58.

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 $227.48 yesterday.

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