- JMP Securities has started Exelixis ( NASDAQ: EXEL ) with an outperform rating saying that company is cash flow-positive and Cabometyx (cabozantinib) is a strong franchise poised for growth.
- The firm has a $26 price target (~59% upside based on Monday's close).
- Analyst Silvan Tuerkcan said that based on its 2023 estimated free cash flow, Exelixis ( EXEL ) shares are relatively inexpensive compared to its peers.
- He added that the growth of the Cabometyx franchise could lead it to $2.2B in peak sales.
- He noted that many ignore Exelixis' pipeline, even though it represents an opportunity.
- Check out why Seeking Alpha contributor Jonathan Faison has a buy rating on Exelixis ( EXEL ).
For further details see:
Exelixis initiated at outperform at JMP Securities on cash flow, Cabometyx franchise