UPDATE: Deutsche Bank Upgrades Biogen Idec to Buy

Deutsche Bank is out with its report today on Biogen Idec BIIB, upgrading BIIB from Hold to Buy. In a note to clients, Deutsche Bank writes, "We view Biogen Idec as the large cap biotech stock with the greatest opportunity for upside: 1) Our analysis suggests CONFIRM will show BG-12 is more effective than Copaxone & DEFINE data will remain strong. Combo BG-12 & daclizumab Q3 data are under-appreciated. 2) We believe Tysabri will reach a positive inflection by YE:11 with most pts on drug being JCV negative in US. 3) Our due diligence suggests a greater likelihood of success for hemophilia trials in '12. This report is a deep dive into all 3 drivers. Upgrade to Buy & $129 TP." At the time of posting, shares of BIIB were trading pre-market at $101.55, up 3.00% from Monday's close.