Exelixis with Optimistic Forecast and Increased Price Target

Analyst Joseph Catanzaro from Piper Sandler has raised the price target for Exelixis stock from $33 to $36 and maintains his 'Overweight' rating. The recent quarterly results from Exelixis, which exceeded expectations in both revenue and earnings, provide reason for optimism. Particularly noteworthy is the company's new revenue forecast: Exelixis anticipates a record potential for U.S. sales of Cabo amounting to approximately $3 billion in 2030 and Zanza reaching an impressive $5 billion by 2033. The latter is significantly above Piper's previous model expectations and investor expectations. Piper Sandler emphasizes that investor sentiment could change once the data from the Phase III studies become available from 2025 onward.