Brean Capital Raises Medivation Price Target On Higher Revenue Projections
In a research report sent to investors today, Brean Capital analyst Jonathan Aschoff reaffirmed a Buy rating on Medivation (NASDAQ:MDVN) and increased his price target to $118 (from $115), which represents a potential upside of 16% from where the stock is currently trading.
Aschoff commented: “Xtandi US sales of $181 million and ex-US sales of $119 million in 3Q14 were announced earlier by Medivation’s partner Astellas, largely beating consensus of $166 million and $97 million. Medivation now guided its full year guidance for Xtandi US sales to be at the high end or just above the previous guidance of $600-640 million. Medivation reported 3Q14 total revenue of $200 million and EPS of $0.96. Full year total revenue is now guided to be at the high end or just above the previous guidance of $615-640 million.” The analyst added, “We raise our TP to $118, reflecting increased revenue projections.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of 11.2% and a 57.6% success rate. Aschoff has a 43.5% average return when recommending MDVN, and is ranked #250 out of 3364 analysts.