Alkermes price target raised to $33 from $31 at BofA

BofA raised the firm’s price target on Alkermes (ALKS) to $33 from $31 and keeps a Neutral rating on the shares. Nearing the end of FY24 report, the firm rolls over its multiple to its FY26 EPS estimates and makes no change to its valuation methodology otherwise. The firm forecasts in-line Q4 revenue of $378M, about flat year-over-year and quarter-over-quarter, with growth from proprietary brands offset by erosion in manufacturing and royalty revenue, the analyst tells investors in a preview.