Exelixis price target raised to $23 from $21 at Stifel

Stifel raised the firm’s price target on Exelixis to $23 from $21 and keeps a Hold rating on the shares. The company’s Q2 results were mostly “in-line” with expectations, the analyst tells investors. While pipeline catalysts in 2H of 2023 remain limited, the TEVA settlement and the initiation of its stock repurchase program should remain as near-term tailwinds, Stifel says.