These Analysts Revise Their Forecasts On Biogen After Q3 Results
Portfolio Pulse from Lisa Levin
Biogen Inc (NASDAQ:BIIB) reported better-than-expected Q3 earnings with sales of $2.53 billion, beating the consensus of $2.39 billion. However, the company revised its FY23 revenues to decline in a low-single-digit percentage versus FY22. Following the earnings announcement, Wells Fargo and RBC Capital increased their price targets on Biogen, while Wedbush cut its price target.
November 09, 2023 | 6:49 pm
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Biogen's better-than-expected Q3 earnings were overshadowed by the company's revised FY23 revenue forecast. Analysts' reactions were mixed, with Wells Fargo and RBC Capital raising their price targets, while Wedbush lowered its target.
Despite beating Q3 earnings expectations, Biogen's revised FY23 revenue forecast to a decline has likely contributed to the negative short-term impact on the stock. The mixed reactions from analysts, with some raising and others lowering their price targets, further adds to the uncertainty surrounding the stock.
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