UPDATE: Citi Downgrades Regeneron To Hold

According to Citi, Regeneron Pharmaceuticals REGN is downgraded to Hold. Citi said that due to an error in the working capital section of our DCF analysis, it is adjusting its model. “As our new $60 target price that is based on sum of the parts (including DCF) runs into valuation constraints, we are downgrading to Hold.” Regeneron Pharmaceuticals closed yesterday at $56.29.