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AGN

Allergan

$189.61

1.33 (0.71%)

12:45
10/23/17
10/23
12:45
10/23/17
12:45

Allergan has weak balance sheet after large buybacks, WSJ's Grant says

Allergan squandered the proceeds from the sale of its generics unit on buybacks, and now faces a lower share price and weak balance sheet, Charley Grant of Wall Street Journal argues. Reference Link

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AGN Allergan
$189.61

1.33 (0.71%)

10/19/17
RBCM
10/19/17
NO CHANGE
Target $250
RBCM
Outperform
Allergan price target lowered to $250 from $277 at RBC Capital
RBC Capital analyst Randall Stanicky lowered his price target on Allergan to $250 to reflect more negative recent sentiment. The analyst notes investors are concerned around the P&L outlook after the company-disclosed RESTASIS FAQ sheet that suggests a conservative 2018 assumption would be appropriate. Stanicky keeps his Outperform rating however, speculating that questions around a potential break-up will pick up, and the sum-of-all-parts valuation will be supported.
10/19/17
10/19/17
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. Nike (NKE) downgraded to Neutral from Buy at Goldman Sachs with analyst Lindsay Drucker Mann saying shares will trade in a range as Nike works through excess inventory in the U.S. and next week's investor day is unlikely to be a positive catalyst. 2. Sprint (S) downgraded to Neutral from Outperform at Macquarie with analyst Amy Young saying a T-Mobile (TMUS) merger with Sprint could be imminent, but preliminary deal terms are not as attractive as she initially expected, especially speculation SoftBank (SFTBY) may be willing to accept market price in an all-equity deal. 3. Hain Celestial (HAIN) downgraded to Market Perform from Outperform at BMO Capital with analyst Amit Sharma saying valuation reflects a challenging operating environment. 4. Allergan (AGN) downgraded to Neutral from Buy at Mizuho. 5. MAA (MAA) downgraded to Market Perform from Outperform at JMP Securities with analyst Aaron Hecht saying shares are fairly valued as they approach his previous price target of $110. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/20/17
JPMS
10/20/17
NO CHANGE
Target $275
JPMS
Overweight
Allergan shares are 'highly undervalued,' says JPMorgan
JPMorgan analyst Chris Schott lowered his price target for Allergan shares to $275 from $300 following the U.S. district court ruling on Allergan's Restasis patents earlier this week. The analyst updated his estimates to effectively remove Restasis from his forecasts starting in 2018. While the Restasis patent ruling is a clear setback, the impact from the potential loss of Restasis is more than reflected in the shares, Schott tells investors in a research note. He points out Allergan is down 27%, equating to a $23B loss in market capitalization, from the pre-Q2 earnings highs. At 12 times new 2018 earnings estimates and mid-single digit sales growth potential, the shares are "highly undervalued," Schott contends. He keeps an Overweight rating on the name.
10/20/17
COWN
10/20/17
NO CHANGE
Target $280
COWN
Outperform
Allergan price target lowered to $280 from $400 at Cowen
Cowen analyst Ken Cacciatore lowered his price target on Allergan to $280 from $400 to reflect his shift to expecting generic Restasis in 2018, versus his prior view of 2019. He recommends investors add to positions as he sees industry-leading, durable growth in 2018. Cacciatore maintained his Outperform rating on Allergan shares.

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LOW

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