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Biotech / Medical : Biogen
BIIB 167.63+1.8%Nov 14 3:59 PM EST
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To: wpckr who wrote (735)9/14/1998 11:46:00 AM
From: Hong-Lee Yu  Read Replies (2) of 1686
 
All,

Both Lehman and Bear Stern made positive comments and raised the price (in addition to Goldman Sache, PW, HQ)

Lehman:
Increase Avonex sales projections this Q to 102M from 95M, 377M (in 98') from 370M. Raised 0.44 3Q EPS to 0.49Q, 1.78 98' EPS to 1.80, $2.36 99' to $2.43. Potential catalysts from within remainder of co's pipeline as efficacy data over next 6-12 months. Has $65 target.

Bear Stern:

Saying Biogen's strategy has been to hit the consensus estimates and has resulted in Co's underreporting EPS by accelerating expenses and deferring revenues. Believe that Co will be unable to hold back EPS for remainder of years. Believe Avonex sales will exceed Street estimates by significant amount for remainder of 98'. Has $70 target.



My guess is that analysts are going to raise the estimates again after Q3. Even bear Stern's $2.59 for 99' might be too conservative.
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