Piper Jaffray Lifts Price Target for Celgene Corporation Following Meetings With Management
In a research report published Friday, Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating on Celgene Corporation (NASDAQ:CELG) and raised the price target to $144 (from $135), after hosting CELG management (President/COO Mark Alles and VP, IR Patrick Flanigan) for meetings yesterday.
Schimmer noted, "We were, yet again, impressed with the crisp vision, the laser focus on execution/strategy, and the aggressive but calculated risk-taking to maintain a leadership position in rapidly evolving oncology/inflam fields. The company is assembling an increasingly attractive pipeline to diversify away from Revlimid, putting it on a track to potentially return to our top large-cap pick position sometime in '15. We our increasing our terminal growth assumption from 3.5% to 4% which increases our PT from $135 to 144."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Joshua Schimmer has a total average return of 19.8% and a 74.0% success rate. Schimmer has a 37.1% average return when recommending CELG, and is ranked #139 out of 3535 analysts.