Celgene stock downgraded to neutral at UBS [MarketWatch]
CELGENE (CELG)
Last celgene earnings: 10/31 07:30 am
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Source: MarketWatch
Celgene stock downgraded to neutral at UBS Analysts at UBS downgraded shares of Celgene Corp. CELG, -1.01% on Monday to neutral from buy, but raised their stock price target to $102 from $94. On Friday, Institutional Shareholder Services (ISS) and Glass Lewis & Co. both put out statements recommending that Bristol-Myers Squibb Co. BMY, -1.63% shareholders vote to approve the company's $74 billion bid to buy Celgene . Activist investor Starboard Value LP also dropped opposition to the deal . "We see an increasingly high probability after Friday's updates that Bristol's acquisition of Celgene will be completed," UBS analysts, led by Carter Gould, wrote. Gould said a vote in favor of the deal was increasingly likely, and UBS would now base its price target on the proposed deal terms rather than net present value. Under the terms of the deal, Celgene shareholders will receive $50 in cash, one Bristol-Myers share and one tradeable contingent value right (CRV), which will entitle each
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