SVB Securities upgrades Regeneron to Outperform, sees positive drivers ahead

As previously reported, SVB Securities analyst David Risinger upgraded Regeneron to Outperform from Market Perform with a price target of $976, up from $834. Although the stock has traded up 14% year-to-date versus the BTK index -3%, the firm believes shares can continue to outperform over the next year. Its new investment thesis is that SVB can see the potential for upward pressure on both earnings and the stock multiple. The firm sees several potential positive price-to-earnings drivers, including strong uptake of high dose Eylea based upon positive MEDACorp physician survey results, Eylea 2mg patent litigation developments, and oncology pipeline news flow.