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MNK

Mallinckrodt

$35.39

0.72 (2.08%)

07:39
09/28/17
09/28
07:39
09/28/17
07:39

Mallinckrodt initiated with a Buy at Goldman Sachs

Goldman analyst Dana Flanders initiated Mallinckrodt with a Buy and $55 price target saying it is one of the cheapest healthcare names due to investor concerns on Acthar concentration and high leverage. The analyst believes management has the tools to de-risk the business and improve the balance sheet. Flanders thinks an Acthar royalty is a way to unlock value and drive multiple expansion, combined with strong cash generation that can reduce leverage and diversify the business.

  • 04

    Oct

MNK Mallinckrodt
$35.39

0.72 (2.08%)

09/13/17
09/13/17
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. ON Semiconductor (ON) downgraded to Neutral from Buy at Goldman Sachs with analyst Mark Delaney citing the stock's relative outperformance and lack of catalysts over the next year. 2. Nordstrom (JWN) downgraded to Hold from Accumulate at Gordon Haskett. 3. Mallinckrodt (MNK) downgraded to Neutral from Buy at Mizuho with analyst Irina Koffler saying Mallinckrodt consists of a gradually declining generics portfolio, and a "basket" of branded assets that face some degree of competition and downside risks. 4. Whiting Petroleum (WLL) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Drew Venker citing weak risk-reward relative to peers. 5. GasLog (GLOG) downgraded to Hold from Buy at DNB Markets. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/14/17
DBAB
09/14/17
NO CHANGE
Target $45
DBAB
Buy
Mallinckrodt price target lowered to $45 from $56 at Deutsche Bank
Deutsche Bank analyst Gregg Gilbert lowered his price target for Mallinckrodt (MNK) shares to $45 citing the recent negative ruling on Inomax. The analyst now assumes a "modest" generic impact to Inomax beginning in 2019. Gilbert believes his new target could prove overly conservative if Mallinckrodt wins on appeal, holds on to more share versus Praxair (PX), or can significantly reduce operating expenses. He admits, though, that "more pessimistic scenarios are also possible, in theory." Gilbert keeps a Buy rating on Mallinckrodt while pointing out the shares "could be stuck in a rut for a period" on the court ruling and lack of near-term catalysts.
09/15/17
PIPR
09/15/17
NO CHANGE
Target $67
PIPR
Overweight
Mallinckrodt shares can recover with debt pay down, says Piper Jaffray
Shares of Mallinckrodt (MNK) are trading at all-time lows following a federal district court's decision in favor of Praxair (PX) over generic Inomax, Piper Jaffray analyst David Amsellem tells investors in a research note. He believes the stock's valuation multiples can recover provided that Mallinckrodt takes a more aggressive approach to debt pay down and continues to make targeted investment in its pipeline. Share buybacks are not the answer, the analyst contends. Amsellem reduced his price target for the shares to $67 from $70 and keeps an Overweight rating on the name.
09/19/17
OPCO
09/19/17
NO CHANGE
Target $48
OPCO
Outperform
Mallinckrodt price target lowered to $48 from $70 at Oppenheimer
Oppenheimer analyst Derek Archila lowered his price target for Mallinckrodt to $48 from $70 to reflect the INOmax patent ruling and continued headline risk. The analyst notes that shares are down about 30% since December 2016 due to seemingly continuous negative headlines plus operating performance best described as okay. While he continues to believe shares are undervalued on a fundamental basis, he concedes there are few catalysts over the next 12-18 months for shares to return to levels seen one to two years ago. Archila reiterates an Outperform rating on the shares.

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