Regeneron price target lowered to $787 from $789 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Regeneron to $787 from $789 and keeps a Sector Perform rating on the shares. The company’s Q4 earnings marked a "solid quarter" even excluding non-recurring COVID benefits, while its "deep" pipeline is likely not fully appreciated by the stock, even though it will take time to mature and require higher-than-expected spend to progress, the analyst tells investors in a research note. The firm prefers a "better entry point" on the stock while noting that its reduced price target reflects higher estimated costs offsetting higher out-year revenues.