BMO Issues Outperform For Facet Biotech (FACT) With Price Target Of $24

BMO Capital Markets issued an Outperform rating for Facet Biotech (NASDAQ: FACT) with a price target of $24.00. BMO noted that Biogen Idec Inc. (NASDAQ: BIIB) has increased its offer to buy Facet from $14.50 to $17.50 per share and has announced that the “best and final offer” will expire on December 16 if not enough shares are tendered or the Facet board fails to authorize the deal. BMO expects that the Facet board will reject the deal once again and tell shareholders not to tend their shares. The stock is currently trading at $17.23.