UPDATE: Piper Jaffray Initiates on Alexion on High Revenue and EPS Growth Rates

In a report published Tuesday, Piper Jaffray analyst Joshua Schimmer resumed coverage of Alexion (NASDAQ: ALXN) with an Overweight rating and a price target of $172.00.

In the report, Piper Jaffray says "We are resuming coverage of ALXN with an Overweight rating with a $172 price target. While 2014 may be a sluggish pro-forma EPS growth year for the company as the NOL's are finally depleted, revenue and GAAP EPS growth should remain robust as the AHUS global roll-out continues and the company continues to identify new PNH patients for Soliris. Additionally, the BLA filing for asfotase alfa and progress with the Phase III studies of Soliris for myasthenia gravis and neuromyelitis optica will provide relevant newsflow during the year. In our view, while ALXN has one of the highest forward P/E multiples among the group of profitable companies with a >$10B mkt cap and >20% EPS CAGR, it also has one of the highest revenue and EPS growth rates, one of the most sustainable growth profiles, an attractive/emerging pipeline, and a strong track record of beats/raises, justifying this premium."

Alexion closed on Tuesday at $121.91.