Barclays Downgrades Immunogen to Equal-Weight, Raises Price Target to $31
Portfolio Pulse from Benzinga Newsdesk
Barclays analyst Peter Lawson has downgraded Immunogen (NASDAQ:IMGN) from Overweight to Equal-Weight, while also raising the price target for the company's stock from $27 to $31.
December 04, 2023 | 10:31 am
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Immunogen's stock rating was downgraded by Barclays from Overweight to Equal-Weight, although the price target was raised from $27 to $31.
The downgrade to Equal-Weight suggests that Barclays sees limited upside potential relative to the market or sector, which could temper investor enthusiasm. However, the increase in price target indicates an improved outlook on the company's valuation, which could counterbalance the downgrade's negative impact. The net effect on the stock price may be neutral in the short term as the market digests these mixed signals.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100