Raymond James upgrades Biogen to Outperform on attractive 2024 setup

Raymond James analyst Danielle Brill upgraded Biogen to Outperform from Market Perform with a $283 price target. The analyst likes the setup for the shares in 2024. The upgrade is based on the view that the Leqembi launch will begin to gain traction in 2024 and the Skyclarys U.S launch will continue at its strong pace in 2024, bolstered by a launch in the European Union early next year, the analyst tells investors in a research note. The firm also believes Biogen will “remain prudent” with research and development spend and while operating margins steadily improve moving forward. It says the shares are trading at an unwarranted discount to some of its large-cap biopharma peers.