Biogen price target lowered to $144 from $175 at Stifel

Stifel analyst Paul Matteis lowered the firm’s price target on Biogen (BIIB) to $144 from $175 and keeps a Hold rating on the shares. The shares are trading sharply lower following the Q4 report and after the company guided to year over year revenue decline, the analyst tells investors in a research note. Biogen has become a value name here and the bull case is a significant amount of bad news is priced in, and while the pipeline and a possible lecanemab inflection offer optionality, Stifel finds it difficult to garner near-term conviction that there will be a meaningful bounce.