B of A/ML raises target to $143 from recently raised $127
CELG: we increase our PO from $127 (15x 2015 EPS) to $143 (17x 2015
EPS, discounted by three quarters of a period), and we expect multiple
expansion from the current 13x 2015 EPS driven by 1) MM-020 study results
– we are positively biased; 2) diversifying revenue base, we have positive
survey feedback on both of CELG’s near term growth drivers; 3) nothing
priced in for early stage pipeline (more clarity at the May analyst event).