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Fly News Breaks for February 13, 2019
AGN
Feb 13, 2019 | 09:12 EDT
Wells Fargo analyst David Maris updated his estimates for Allergan following the company's Q4 earnings and new 2019 guidance, noting that the stock reacted negatively on the day of the Q4 report based on the company's $5.4B impairment charge and worries about Botox competition. While he lowered his price target on Allergan shares to $202 from $217, Maris views the stock as "inexpensive," relative to the market and to peers, which he attributes to both the Restasis overhang and concerns about its pipeline. However, Maris feels the pipeline is undervalued and thinks the aesthetic business is more durable than some believe and he keeps an Outperform rating on Allergan.
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