In a research report released Friday, BTIG analyst Dane Leone reiterated a Buy rating on shares of Celgene Corporation (NASDAQ:CELG) with a price target of $138, after the biotech giant reported financial results and provided an update for 2017 targets that exceeded investor expectations.

Leone noted, “Fullyear 2016 EPS guidance moved up +$0.17 at the midpoint, above the +$0.10 3Q16 EPS beat, and highlighted Sales and EPS for 2017 should trend towards the higher end of the prior guidance ranges. We reiterate our Buy rating and $138PT as management commentary for key clinical and commercial catalysts should increase investor optimism for 2017.”

As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Dane Leone has a yearly average return of 6% and a 59% success rate. Leone has a -5.8% average return when recommending CELG, and is ranked #390 out of 4164 analysts.

Out of the 25 analysts polled by TipRanks, 22 rate Celgene Corporation stock a Buy, while 3 rate the stock a Hold. With a return potential of 35%, the stock’s consensus target price stands at $140.24.