Raymond James analysts upgraded Biogen (NASDAQ:BIIB) from Market Perform to Outperform, setting a new price target of $283.00. Shares rose more than 2% intra-day today.

The upgrade is based on several key factors: the expected increase in momentum for the Leqembi launch in 2024, especially with the release of the SC formulation; the continued strong performance of the Skyclarys U.S. launch, likely to be further enhanced by its anticipated approval and launch in the EU early next year; and Biogen's ongoing prudent management of R&D spending and expected steady improvement in opex margins.

Additionally, the analysts mentioned that Biogen is currently trading at an unwarranted discount compared to its large-cap biopharma peers, presenting an attractive long-term investment opportunity for 2024.