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Facet Biotech posts

Analyst Calls: ABT, ARO, BMY, CELG, DNDN, FACT, GS, PSUN, SCCO, ULTI ...

Posted Mar 12th 2010 11:00AM by Laurie Pasternack (RSS feed)
Filed under: Analyst Reports, Analyst Upgrades and Downgrades, Abbott Laboratories (ABT), Bristol-Myers Squibb (BMY), Goldman Sachs Group (GS), Analyst Initiations, Gilead Sciences (GILD)

Analyst Upgrades

Deutsche Bank upgraded Southern Copper (SCCO) to buy from hold to reflect valuation and positive near-term catalysts. The firm raised its target for shares to $38 from $35.
JMP Securities upgraded Ultimate Software (ULTI) to outperform from market perform. The firm cites the company's expanding employee base for the upgrade. The firm has a $40 target on the stock.
Piper Jaffray upgraded Aeropostale (ARO) to neutral from underweight following the company's Q4 results and raised its target for shares to $31 from $24.
Kennametal (KMT) was upgraded to sell from conviction sell at Goldman.
Lifetime Brands (LCUT) was upgraded to outperform from market perform at Barrington.
Volvo (VOLVY) was upgraded to overweight from underweight at JPMorgan.

Continue reading Analyst Calls: ABT, ARO, BMY, CELG, DNDN, FACT, GS, PSUN, SCCO, ULTI ...

Abbott Labs to Acquire Facet Biotech

Posted Mar 10th 2010 8:50AM by Mark Fightmaster (RSS feed)
Filed under: Deals, Abbott Laboratories (ABT)

After the closing bell Tuesday, Abbott Laboratories (ABT) announced that it will acquire Facet Biotech (FACT) for $27 per share. The transaction carries a total price tag of $722 million. Including $272 million of FACT's cash and securities, the net cost turns out to be roughly $450 million.

Back in December, FACT turned down Biogen Idec's (BIIB) unsolicited takeover offer of $17.50 per share. The deal is expected to close in the second quarter, as both boards of directors have approved the deal.

Continue reading Abbott Labs to Acquire Facet Biotech