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Fly News Breaks for September 19, 2017
MNK
Sep 19, 2017 | 07:55 EDT
Oppenheimer analyst Derek Archila lowered his price target for Mallinckrodt to $48 from $70 to reflect the INOmax patent ruling and continued headline risk. The analyst notes that shares are down about 30% since December 2016 due to seemingly continuous negative headlines plus operating performance best described as okay. While he continues to believe shares are undervalued on a fundamental basis, he concedes there are few catalysts over the next 12-18 months for shares to return to levels seen one to two years ago. Archila reiterates an Outperform rating on the shares.
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