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Fly News Breaks for July 27, 2015
MYL
Jul 27, 2015 | 07:07 EDT
Cowen downgraded Mylan (MYL) to Market Perform and said the company "successfully" defended against a Teva (TEVA) transaction but has likely destroyed/avoided value for shareholders by not engaging with the company. The firm said Mylan's proposed Perrigo (PRGO) transaction does not appear to create any value at prices above $205 and is disappointed in management's decision. Cowen said it can defend Mylan shares on a standalone valuation of $60-$65 and lowered its price target to $65 from $80.
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