We are upgrading Celgene Corporation (CELG) to Outperform from Neutral following strong second quarter results delivered by the company and the decision of CHMP that the benefits associated with Revlimid outweigh the risks in multiple myeloma patients.
Celgene performed impressively in the second quarter of 2011 and beat the Zacks Consensus Estimate both in terms of revenues and earnings. Following the strong showing, Celgene upped its guidance for 2011. The stock has reacted favorably to the recent positive developments.
Celgene, driven by its oncology portfolio and robust pipeline, is expected to continue performing impressively. We believe that the current price represents an attractive entry point for long-term investors. Our target price is $80.00.
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