Goldman upgrades Regeneron to Buy with $472 target, adds to Conviction List

Goldman Sachs analyst Terence Flynn upgraded Regeneron Pharmaceuticals to Buy from Neutral and added the shares to his firm’s Americas Conviction List. The analyst sees 25% upside after boosting his price target for the shares to $472 from $415. Regeneron’s pipeline is a “call option” and its competitive risks are generally priced in at current share levels, Flynn tells investors in a research note. The analyst says results from Goldman’s recent wet age-related macular degeneration/diabetic macular edema survey support his longer-term Eylea market share loss assumptions and provides comfort that the competitive risk is generally priced in. Further, he sees upside to Dupixent consensus estimates in 2019.
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