Cantor Fitzgerald analyst Louise Chen reiterated an Overweight rating and $107 price target on Perrigo after the company's announcement on Friday that it expects to receive a CRL from the FDA regarding its ProAir generic ANDA, which will likely disappoint the Street as the company had previously guided to approval and a launch by the fourth quarter. As a result, Chen told investors in a research note that Perrigo no longer expects to achieve the ~9c per share benefit that was included in its 2018 adjusted EPS forecast, and the company has not commented on if it can make this benefit up through sales of other products or cost costs. Chen also said it is "not clear" why Perrigo took ProAir out of its guidance now, but thinks the Street can finally refocus on fundamentals, driving greater appreciation for the company's growth prospects and earnings potential.