Freedom Broker analyst Ilya Zubkov upgraded Biogen (BIIB) to Buy from Hold with a price target of $245, up from $185. The firm views the company’s acquisition of Apellis (APLS) as “strategically sound” and a “necessary step given the expected revenue headwinds from an aging product portfolio.” The deal should support Biogen’s near-term results and partially reverse its anticipated revenue decline trajectory, the analyst tells investors in a research note. Freedom sees the acquisition as reshaping Biogen’s growth narrative.
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