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Fly News Breaks for April 27, 2015
MYL, PRGO
Apr 27, 2015 | 06:02 EDT
UBS analyst Marc Goodman downgraded Perrigo (PRGO) to Neutral from Buy on expectations the stock will trade lower as investors lose confidence that the Mylan (MYL) takeover will consummate. Goodman thinks Mylan investors will reject the deal since it comes with dilution for multiple years. The analyst sees "a chance" of another suitor emerging for Perrigo, but feels the timing of such a potential bid is unclear. It raised its price target for Perrigo shares to $200 from $190. The stock closed Friday down $8.74 to $192.89 after the company rejected Mylan’s formal takeover proposal.
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