Exelixis price target raised to $36 from $29 at BMO Capital

BMO Capital analyst Etzer Darout raised the firm’s price target on Exelixis (EXEL) to $36 from $29 and keeps an Outperform rating on the shares. The company reported Q3 cabo revenues of $478.1M topping consensus by 4.7% driven by increased cabo market share and new patient starts, while the management raised and narrowed FY24 net product revenue and total revenue guidance by 5.6% and 7.4% respectively, the analyst tells investors in a research note. The firm adds however that it remains conservative on zanza pending more late-stage data to support higher estimates.