Alexion Pharmaceuticals: Brexit Be Damned; Citigroup Ups to Buy Citing “Dark Sky Valuation”
June 27, 2016 at 14:05 PM EDT
Despite worries about Alexion 's ( ALXN ) currency exposure after the U.K. voted last week to bail on the European Union , Citigroup upped the biotech stock to a buy with a $154 price target Why? Analyst Robyn Karnauskas says the "dark sky valuation" after Friday's selloff does not reflect the strength of the drug maker's pipeline or currency hedges that significantly limit the impact of currency rates on the bottom line.
