Citigroup Downgrades Mirati Therapeutics to Neutral, Raises Price Target to $59
Portfolio Pulse from Benzinga Newsdesk
Citigroup analyst Yigal Nochomovitz has downgraded Mirati Therapeutics (MRTX) from Buy to Neutral, while increasing the price target from $48 to $59. This reflects a more cautious stance on the stock's current valuation, but also acknowledges potential upside from the previous target.
December 20, 2023 | 10:54 am
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Citigroup downgraded Mirati Therapeutics to Neutral from Buy but raised the price target to $59, indicating a mixed outlook.
The downgrade to Neutral suggests that Citigroup believes MRTX is fairly valued at its current price, implying limited upside potential in the short term. However, the increase in the price target to $59 indicates that Citigroup sees some room for growth, albeit less aggressively than a Buy rating would suggest. Investors may interpret the downgrade as a sign to take profits or hold, while the price target increase could provide some support to the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100