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Fly News Breaks for May 9, 2016
DEPO
May 9, 2016 | 07:22 EDT
As previously reported, Mizuho upgraded Depomed to Buy from Neutral and increased its price target to $19 from $18. Analyst Irina Koffler said shares overreacted to the Q1 miss and now views valuation as an attractive entry point given positive momentum and takeout prospects ahead. The analyst has increased his probability of a takeout to Depomed to 50% from 20% previously as it progresses closer to the Nucynta/ER settlement and said the upgrade is favorably impacted by discussions with Starboard.
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