Citi Downgrades Juno To Neutral, Says Potential Takeover Priced In

Citi analyst Robyn Karnauskas last night downgraded Juno Therapeutics (JUNO) to Neutral from Buy while raising her price target for the shares to $81 from $59.

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Juno closed yesterday up 52%, or $23.65, to $69.25 after the Wall Street Journal reported that Celgene (CELG) is in talks to acquire the company. When the story broke, Karnauskas said in a research note that Juno could be worth $110 per share in a takeover. She believes, however, that for Celgene, a deal makes sense in the $80-$85 per share range.

The analyst expects Juno to trade with an M&A premium at $81 per share. With the recent 49% jump in shares, and the stock now trading within 17% of our takeover price, Karnauskas tells investors in a research note.


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