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Fly News Breaks for August 5, 2015
MNK
Aug 5, 2015 | 09:06 EDT
UBS said the selloff in Mallinckrodt following Q3 results is an overreaction. The firm noted the company's negative commentary on both Acthar and the generics business, but said investors seem to have extrapolated changes in near-term margins into permanent changes. UBS also said company management has a history of being conservative, adding they would not be surprised to see the company do another deal before year end. UBS reiterated its Buy rating but lowered its price target to $134 from $141 on Mallinckrodt shares.
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