Citi upgraded Regeneron (REGN) to Buy from Neutral with a price target of $700, up from $600. The firm cites the company’s “strong pipeline optionality” and a more attractive risk/reward profile for the upgrade. Weakness in the U.S. Eylea franchise has driven the share underperformance, but looking forward, expectations seem reasonable for 2026 and 2027, the analyst tells investors in a research note. Citi says Eylea is now only a modest contributor to its valuation for the shares, with a base-case of $600 excluding it. The firm remains confident in Regeneron’s core Dupixent and Libtayo franchises and believes the upcoming Phase 3 updates “could add a new dimension to the story.”
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