RBC Capital keeps an Outperform rating and $363 price target on Biogen while naming the stock to the firm’s Top 30 Global Ideas for Q1. Biogen’s transformation is shaping up well, with new CEO Viehbacher’s cost-cutting efforts looking to realign the expense base, while its Skyclarys acquisition and Leqembi launch will substantially grow the company’s topline, the analyst tells investors in a research note. Biogen earnings should trough in 2024 and potentially more than double by the end of the decade, creating a favorable setup for a fundamentally undervalued story, the firm added.
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