Merrill reiterates Celgene at buy

Celgene Corp. was reiterated at buy by Merrill Lynch analyst Thomas McGahren. Merrill raised its 12-month price objective to $49 from $39 and increased its 2006-2010 earnings per share CAGR to 39% from 34% based on higher Revlimid estimates in 2008-2010. The analyst also raised his U.S. Revlimid sales estimates to $849 million from $762 million in 2008. Merrill views Celgene as a core biotech holding. Shares of the Summit, N.J., pharmaceutical company were up 74 cents, or 1.88%, at $40.11 on volume of 5,176,801 shares versus the three-month running average of 4,937,300 shares. (Nasdaq: CELG)

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