Zacks Investment Research upgraded shares of Cubist Pharmaceuticals Inc. (CBST) from UNDERPERFORM to NEUTRAL on November 14, 2014, with a target price of $75.00.
Cubist performed encouragingly in the third quarter of 2014 with both revenues and earnings coming in ahead of expectations. The company's earnings of $0.58 per share beat the Zacks Consensus Estimate of $0.36 per share. Quarterly revenues were up 16% to $309.2 million above the Zacks Consensus Estimate of $304 million. Revenues were driven by Cubicin, Entereg and Dificid sales. The addition of Sivextro has strengthened Cubist Pharma's antibiotic portfolio. The company is expecting several regulatory decisions in the coming quarters. Positive outcomes from these events will further strengthen the company's portfolio. Considering the above mentioned factors, we revert back to a Neutral recommendation on the stock.
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