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Fly News Breaks for November 9, 2016
DEPO
Nov 9, 2016 | 08:52 EDT
Janney Capital analyst Ken Trbovich lowered his fair value estimate on Depomed shares to $26 from $31, saying the company's three successive guidance cuts have "clearly diminished" his confidence in the company's outlook as an independent company. Noting a recent Bloomberg report suggests an active effort to sell the company is underway, Trbovich keeps a Buy rating on the stock, as he continues to think a sale at a premium to his fair value estimate is likely, though he no longer expects a deal to exceed $30 per share.
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