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Fly News Breaks for September 20, 2017
ICPT
Sep 20, 2017 | 05:01 EDT
After hosting investor meetings with management, Jefferies analyst Michael Yee says the recent pullback in shares of Intercept Pharmaceuticals creates a buying opportunity. The analyst left the meetings more confident that the Street's reaction to the patient safety letter "was overblown and likely to subside." The stock is near a "floor valuation" of $80-$100 and gives no credit to nonalcoholic steatohepatitis in 2019, Yee tells investors in a research note. He keeps a Buy rating on Intercept with a $275 price target.
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