$62 Price Target on Biogen

Zacks reiterates their $62 price target on Biogen in a new article today. In their previous article, Zacks declared that the company had the "best pipeline in Biotech."

Since that time, Biogen released results for the first quarter, where they came in above their bottom line consensus. The company also made the following guidance:

• Revenues are expected to grow at a rate of high single digits compared to 2008
• Operating expenses are expected to total $2.0 to $2.1 billion
• R&D is expected to be 26-28% of revenues, with SG&A at 19-20% of revenues
• The effective non-GAAP tax rate is expected to be approximately 28-30%
• Adjusted EPS is expected to be at or above $4.00
• GAAP EPS is expected to be at or above $2.80