TD Cowen raises Incyte stock price target to $124 on demand outlook
TD Cowen raised its price target on Incyte to $124 from $123 while maintaining a Buy rating, citing strong underlying demand and a positive long-term outlook despite a seasonally soft first quarter. Incyte reported better-than-expected Q1 2026 earnings of $1.81 per share and revenue of $1.27 billion, though shares dipped in premarket trading. The company's fundamentals remain strong, with 21% revenue growth over the past year and an advancing drug pipeline. Analysts note the stock appears undervalued relative to its fair value, trading at a P/E of 15.
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Investing.com - TD Cowen raised its price target on Incyte Corporation (NASDAQ:INCY) to $124 from $123 while maintaining a Buy rating on the shares. The firm noted Incyte reported a seasonally soft first quarter across major franchises. Underlying product demand appears unabated, suggesting strong reversal across the board through 2026, according to TD Cowen. The company’s fundamentals remain robust, with revenue growing 21% over the last twelve months and shares delivering a 61% return over the past year, according to InvestingPro data. The company’s pipeline is progressing with pivotal ET trial design finalized. Povo is advancing in HS and viti, the firm said.
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