Truist downgraded Biogen (BIIB) to Hold from Buy with a price target of $142, down from $199, after assuming coverage of the name. The stock’s discounted multiple versus pees is warranted given the “suboptimal” growth outlook for Biogen’s commercial franchise, the analyst tells investors in a research note. The firm also believes the company has a lack of “de-risked potential blockbuster opportunities” in its pipeline. Truist is no longer optimistic about the Biogen’s Alzheimer’s opportunity.
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