Analyst Tazeen Ahmad of Bank of America Securities reiterated a Buy rating on Incyte (INCY – Research Report), retaining the price target of $86.00.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Tazeen Ahmad’s rating is based on Incyte’s strong financial performance and promising future prospects. The company reported impressive revenue growth for Jakafi in FY24, surpassing both internal and external expectations, with stable market demand despite competitive pressures. Furthermore, Incyte has set optimistic revenue guidance for FY25, projecting continued growth for Jakafi and significant increases for Opzelura, buoyed by strong demand and potential new market entries.
Additionally, Tazeen Ahmad notes the company’s strategic positioning with four potential product launches in 2025, which could substantially boost revenues. These launches, alongside pivotal data expected from various pipeline projects, underscore Incyte’s robust growth trajectory and ability to expand its revenue streams. This combination of strong current performance and future potential underpins the Buy rating, with a price objective set at $86, reflecting confidence in the company’s strategic direction and execution capabilities.
According to TipRanks, Ahmad is a 2-star analyst with an average return of 0.4% and a 47.29% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Sarepta Therapeutics, and Ascendis Pharma.
In another report released on February 7, TD Cowen also maintained a Buy rating on the stock with a $86.00 price target.