HSBC downgraded Biogen (BIIB) to Reduce from Hold with a price target of $143, down from $144. The company’s “ailing” multiple sclerosis franchise is outweighing its growth elsewhere, the analyst tells investors in a research note. The firm expects margin pressure from lower royalties and says Biogen’s 50% share re-rating is overdone. The company has limited near-term earnings improvement potential and risk to its long-term earnings power, contends HSBC.
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