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  4. Seagen Raised to Outperform at RBC, Analyst Rates Takeover Chances at 95%
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Seagen Raised to Outperform at RBC, Analyst Rates Takeover Chances at 95%

By Senad Karaahmetovic An RBC Capital Markets analyst upgraded Seagen Inc (NASDAQ:SGEN) to Outperform from Sector Perform with a $188 per share price target, up from the prior...
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Seagen Raised to Outperform at RBC, Analyst Rates Takeover Chances at 95% © Reuters Seagen (SGEN) Raised to Outperform at RBC, Analyst Rates Takeover Chances at 95%

By Senad Karaahmetovic

An RBC Capital Markets analyst upgraded Seagen Inc (NASDAQ:SGEN) to Outperform from Sector Perform with a $188 per share price target, up from the prior $179.00.

The analyst sees a near-term opportunity in SGEN shares given a recent pullback on the arbitration decision. The analyst says Seagen’s “position as an attractive strategic target is too intriguing to ignore.”

The upgrade call is made on the back of the increasing likelihood that “the company will no longer stand alone as well as the emerging clarity and confidence in the base commercial business from recent execution and newsflow which we believe represents a floor value for the longer term.”

The analyst also reiterated his view that SGEN is “a strategic fit for MRK”

“We increase our POS that a strategic outcome is to occur to 95% from our prior 75%. This weighted M&A premium now at $28/share (~18% overage) reflects a 95/5 chance a deal transpires in the $225 range (guided by >$200/share MRK equity investment). As a backstop, we have our fair value in shares using our standard DCF/EPS multiple at about $160/share though we acknowledge these components have been moving targets,” the analyst added in a client note.

Finally, the analyst noted that today’s upgrade is mostly a tactical M&A valuation call.

Seagen shares are up almost 2% in premarket Tuesday.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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GBP/USD

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USD/JPY

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AUD/USD

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DAX

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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