UPDATE: Citigroup Reiterates on Celgene Following Detailed Analysis

In a report published Friday, Citigroup analyst Yaron Werber reiterated a Buy rating on Celgene (NASDAQ: CELG), and raised the price target from $182.00 to $204.00.

In the report, Citigroup noted, “We conducted a detailed analysis and our key takeaway is that Revlimid/dex is set to dominate the myeloma market over the long-term. We are raising our Revlimid and Pomalyst ests and believe that this tailwind is much greater than appreciated over the long-term. Celgene has a deep myeloma pipeline with 3 promising novel early stage drugs that should further sustain its dominance. As Celgene's financial guidance is looking very outdated, it will likely be raised in Jan. Our new $222 TP is based on 27x '14 EPS $7.54 vs consensus $7.29.”

Celgene closed on Thursday at $164.51.