Biogen price target lowered to $135 from $138 at Piper Sandler

Piper Sandler analyst David Amsellem lowered the firm’s price target on Biogen (BIIB) to $135 from $138 and keeps a Neutral rating on the shares following quarterly results. Though Biogen has lost nearly 40% of its value over the past 52 weeks, the firm continues to find it difficult to get more constructive on the shares even in the context of a current EV/2025E EBITDA of about 8-turns and a relatively clean capital structure. Put differently, with a declining top-line, the multiple could easily compress further, Piper adds.