Incyte price target raised to $68 from $62 at Wells Fargo

Wells Fargo raised the firm’s price target on Incyte (INCY) to $68 from $62 and keeps an Equal Weight rating on the shares. While the firm thinks shares are trading up some due to the modest/beat and raise, it may have more to do with a clear path to Incyte’s numerous first half of 2025 read outs. Shares are likely to trade well into these events, but the stock isn’t all that cheap, Wells adds.