Canaccord raised the firm’s price target on Biogen (BIIB) to $245 from $230 and keeps a Buy rating on the shares. The firm noted the company it is acquiring Apellis (APLS), for $41/share or $5.6bn in cash, and a contingent value right (CVR) of two $2/share payments. Biogen expects to grow in the mid to high-teens at least through 2028 and alsoe expects to achieve accretion in 2027E, although there is some cost optimization in that goal.
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