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Fly News Breaks for April 25, 2016
MYL, PRGO
Apr 25, 2016 | 09:56 EDT
Wells Fargo analyst David Maris downgraded Perrigo to Market Perform from Outperform saying there is "too much uncertainty" following the resignation of Joseph Papa as CEO and the lowered 2016 guidance. In hindsight, Perrigo management set "unrealistic and aspirational" earnings guidance in its effort to defend against Mylan's (MYL) hostile bid, Maris tells investors in research note. The analyst points out that he does not know new CEO John Hendrickson and new Chairman Laurie Brla. Maris cut his price target range for Perrigo shares to $104-$108 from $161-$167. The stock is down 9%, or $11.36, to $109.99 in early trading.
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