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Fly News Breaks for June 3, 2016
BXLT, SHPG
Jun 3, 2016 | 05:45 EDT
Jefferies analyst David Steinberg raised his price target for Shire to $262 with the company's $32B acquisition of Baxalta (BXLT) set to close today. The merger raises the analyst's long-term earnings growth rate by 150 basis points to 15.5%. He says Shire remains his top large cap idea given its "very attractive valuation" and "strong growth prospects." Steinberg keeps a Buy rating on Shire.
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