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Fly News Breaks for January 9, 2020
MYL
Jan 9, 2020 | 06:07 EDT
Piper Sandler analyst David Amsellem initiated coverage of Mylan with a Neutral rating and $21 price target. With well over 40% of the new company's pro forma EBITDA coming from largely off-patent brands, along with "major exposure to an evolving and challenging" Chinese market, visibility into sustainable EBITDA is "murky," Amsellem tells investors in a research note. The analyst believes Mylan's valuation multiple is not positioned to expand.
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