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Fly News Breaks for May 15, 2019
ENDP
May 15, 2019 | 07:21 EDT
Canaccord analyst Dewey Steadman lowered his price target for Endo International to $15 from $17 and maintained a Buy rating, saying he sees an interest opportunity for "investors with iron stomachs." Since reporting "solid" Q1 results last week, Endo shares are down 20% primarily due to a recently announced pricing collusion case where Endo's Par subsidiary is a "bit player," Steadman tells investors in a research note. While he thinks shares should trade close to the group average given the depressed nature of the group relative to historic averages and a solidly performing branded and sterile injectables business, Steadman says he continues to think highly of Endo's management team and sees several opportunities for value creation in the stock.
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