10:20 AM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our target $29 to $209, 12.5x our projected 2025 EPS, below BIIB's historical forward P/E average. After a better-than-anticipated Q1 EPS release, we raise our 2024 EPS view to $15.75 from $15.51, which stands at the higher end of the reiterated guidance range. We cut our 2025 view by $0.74 to $16.74. Q1 EPS of $3.67 vs. $3.40 (+8% Y/Y) was $0.21 above the consensus and $0.28 above our estimate as cost of sales (-$121M Y/Y) and R&D costs (-$118M Y/Y) came in lower than our forecasts. Q1 revenues, down 7% Y/Y, were $25M below the consensus and $92M below our forecast due to the higher-than-expected 35% Y/Y drop in Spinraza ex-US sales. We are seeing some positive market reaction to better-than-expected Q1 EPS and reaffirmed guidance today. We think BIIB shares have been under pressure since the disappointing Q4 earnings release in February and the European Medicines Agency's announcement in late March to delay its decision on the Alzheimer's drug, which limited near-term upside potential, in our view.