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AKRX

Akorn

$32.61

0.63 (1.97%)

, FMS

Fresenius Medical

$46.32

-0.06 (-0.13%)

09:08
08/22/17
08/22
09:08
08/22/17
09:08

Akorn deal still likely to close, says Gabelli

Gabelli says that Akorn's (AKRX) stock fell below $32 last week on worries that Fresenius (FMS) could restructure or break its deal to acquire the company. However, the firm still expects the deal to close, by early next year, as it does not believe that Fresenius' "disappointing" Q2 results or subpoenas related to the pricing of individual drugs would trigger the deal's material adverse event clause. Gabelli keeps a Hold rating on Akorn.

AKRX

Akorn

$32.61

0.63 (1.97%)

FMS

Fresenius Medical

$46.32

-0.06 (-0.13%)

  • 23

    Aug

  • 06

    Sep

  • 08

    Sep

AKRX Akorn
$32.61

0.63 (1.97%)

04/25/17
JEFF
04/25/17
DOWNGRADE
Target $34
JEFF
Hold
Akorn downgraded to Hold from Buy at Jefferies
Jefferies analyst David Steinberg downgraded Akorn (AKRX) to Hold citing a low probability of competitive takeover bids since the story of the deal talks broke 17 days ago. The analyst raised his price target for Akorn shares to $34 to reflect the Fresenius (FSNUY) buyout agreement.
04/25/17
CHLM
04/25/17
DOWNGRADE
Target $34
CHLM
Hold
Akorn downgraded to Hold from Buy at Craig-Hallum
Craig-Hallum analyst Matt Hewitt downgraded Akorn (AKRX) to Hold from Buy, with a $34 price target, after the announcement that it has agreed to sell the company to Fresenius (FSNUY) for $34 per share in cash and the assumption of about $450M in debt. While the analyst would have liked to have seen Akorn sell for more, the deal still creates "significant value" for many shareholders and is a strategically complementary marriage that makes sense for both sides.
04/25/17
WBLR
04/25/17
DOWNGRADE
WBLR
Market Perform
Akorn downgraded to Market Perform from Outperform at William Blair
William Blair analyst Tim Lugo downgraded Akorn to Market Perform saying that while the price paid by Fresenius Kabi was below his $36-$48 per share expectation, the buyout agreement "represents reasonable value" for long-term shareholders. The analyst believes the transaction will likely close at the negotiated price.
04/25/17
04/25/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Amazon.com (AMZN) downgraded to Market Perform from Outperform at Raymond James with analyst Aaron Kessler saying the shares are fairly valued after rallying 21% this year and 44% over the last 12 months. The analyst expects Amazon's investment levels to remain elevated in the near-term and he views consensus operating income estimates for the second quarter as aggressive. 2. General Electric (GE) downgraded to Neutral from Buy at BofA/Merrill with analyst Andrew Obin saying he sees headwinds from weaker Oil & Gas margin, Healthcare, and Power and reduced estimates below consensus. 3. Conagra Brands (CAG) downgraded to Sell from Neutral at UBS with analyst Steven Strycula citing expectations the stock's relative valuation premium will contract amid a decelerating rate of margin improvement and "limited room" for positive earnings estimate revisions. Conagra's portfolio is not well positioned for a consolidating merchandise set, the analyst contends. He cut his price target for the shares to $35 from $38. 4. NGL Energy Partners (NGL) downgraded to Market Perform from Outperform at FBR Capital with analyst Robert Balsamo saying the company's guidance reflects underappreciated risks to its cash flows. 5. Akorn (AKRX) was downgraded to Hold from Buy at Jefferies and Craig-Hallum, to Market Perform from Outperform at William Blair, and to Neutral from Overweight at Piper Jaffray. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FMS Fresenius Medical
$46.32

-0.06 (-0.13%)

03/10/17
BERN
03/10/17
NO CHANGE
BERN
Fresenius Medical deal 'very positive,' says Bernstein
After Fresenius (FMS) agreed to manage Humana's Medicare Advantage members with end stage renal disease, Bernstein analyst Lisa Bedell Clive says that the deal is "very positive" for Fresenius' care coordination business. She notes that Humana is the second largest Medicare Advantage provider in the U.S., and she estimates that the deal will cover 3,000 patients, versus the 1,000 that Fresenius covers for Aetna (AET) and the 750-1,000 it covers for Cigna (CI). The analyst estimates that the deal will raise Fresensius' 2018 revenue by $210M and its 2018 EBIT by $30M. She expects the unit's profitability to reach a positive turning point in 2018, and she keeps an Outperform rating on the shares.
03/21/17
UBSW
03/21/17
DOWNGRADE
UBSW
Sell
Fresenius Medical downgraded to Sell from Buy at UBS
UBS analyst Ian Douglas-Pennant downgraded Fresenius Medical Care two notches, to Sell from Buy, as he sees its margins as close to peak and poised to start falling beginning in the second half of 2017 as commentary from the incoming U.S. administration makes him believe value based care in dialysis is likely to be delayed or even cancelled. The analyst cut his price target on Fresenius Medical to EUR68 from EUR100.
03/21/17
UBSW
03/21/17
DOWNGRADE
UBSW
Neutral
Fresenius SE downgraded to Neutral from Buy at UBS
UBS analyst Ian Douglas-Pennant downgraded Fresenius Medical Care (FMS) two notches, to Sell from Buy, and downgraded parent Fresenius SE (FSNUY) to Neutral from Buy on read through from the downgrade of its subsidiary. He cut his price target on Fresenius SE to EUR74 from EUR75.
04/10/17
RBCM
04/10/17
NO CHANGE
RBCM
Akorn stock already reflects full take-out value, says RBC Capital
RBC Capital analyst Randall Stanicky says that the take-out valuation of drug companies have recently dropped to the historical level of 12 times EBITDA, while Akorn's take-out valuation may be "modestly lower" given the "depressed valuation" of the "generic sector." Consequently, after Bloomberg reported that Fresenius is in talks to acquire Akorn, and Akorn's stock jumped, Stanicky believes that the shares, which have reached 13 times EBITDA in pre=market trading, are fully valued. He does not see another "obvious" buyer for Akorn and keeps a Sector Perform rating on the shares.

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