Biogen Inc. (BIIB) shares were up 1.38% to $292.62 in early morning trading Monday after the company was added to Goldman Sachs "conviction buy" list Wednesday.
The firm has a $338 price target on the company, which represents a potential 17% upside from the stock's previous closing price.
"On BIIB's base [multiple sclerosis] franchise, we view investor concerns on competition and pricing as overblown," the firm said. "Finally, BIIB has a relatively under-leverage balance sheet, and we expect [free cash flow yield] and US cash to grow."
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