Celgene upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst Terence Flynn upgraded Celgene (CELG) to Neutral and raised his price target for the shares to $88 from $71 after the company entered into a definitive agreement to be acquired by Bristol-Myers Squibb (BMY). While the analyst still sees execution risk on Celgene’s pipeline, he now expects the shares to move on M&A potential. He sees a balanced risk/reward relative to his new price target. Flynn takes no view on the likelihood of the proposed merger closing.
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