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Fly News Breaks for September 29, 2015
AGN
Sep 29, 2015 | 08:03 EDT
Leerink analyst Jason Gerberry lowered his estimates for Allergan to reflect weaker than expected brand sales and higher spending after the company offered an outlook for the second half of 2015. Last night's guidance affirms skepticism that consensus revenue estimates were too high, the analyst tells investors in a research note. However, the guidance reset should improve investor sentiment going forward, Gerberry argues. He keeps an Outperform rating on Allergan despite cutting his price target for shares to $311.
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