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AGN

Allergan

$159.57

-6.02 (-3.64%)

, SHPG

Shire

$162.32

-0.2 (-0.12%)

14:00
04/19/18
04/19
14:00
04/19/18
14:00

Allergan selloff on potential Shire bid understandable, says Wells Fargo

Wells Fargo analyst David Maris believes the selloff today in shares of Allergan (AGN) on news the company is considering a bid for Shire (SHPG) is understandable. Many believe Allergan was in the process of trimming, not bulking up, Maris tells investors in a research note. He believes that if CNBC's subsequent report is true and Allergan won't be making a bid, the "about-face would be an incredible turn given Allergan's press release came out just a couple hours earlier." Further, the analyst thinks investors are now left wondering what type of disruption another major integration could mean for a company that has already had significant organizational change. Maris has an Outperform rating on Allergan with a $245 price target. The stock in afternoon trading is down 4% to $159.36.

AGN

Allergan

$159.57

-6.02 (-3.64%)

SHPG

Shire

$162.32

-0.2 (-0.12%)

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AGN Allergan
$159.57

-6.02 (-3.64%)

04/12/18
DBAB
04/12/18
NO CHANGE
Target $212
DBAB
Buy
Deutsche Bank likes current setup for shares of Allergan
Allergan shares at current levels likely reflect concerns about the growth and durability of core franchises, low expectations for current pipeline assets, and skepticism about the company's ability to bolster the pipeline, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. His $212 price target includes value for only four late-stage pipeline assets, each with validating events in 2018. Removing these assets would reduce his target to $183, all else equal. Not all of the programs are likely to fail, Gilbert argues. As such, he likes the setup for the stock from here in the event of positive pipeline news and strong operational performance. He keeps a Buy rating on Allergan.
04/17/18
STFL
04/17/18
INITIATION
Target $192
STFL
Hold
Allergan initiated with a Hold at Stifel
Stifel analyst Annabel Samimy initiated Allergan with a Hold rating and $192 price target, as she believes the company has lost strategic direction for its Specialized Therapeutics and General Medicine franchises and faces increasing prospects for credible competition in established franchises, "even Botox." While Allergan's valuation is attractive, she believes its pipeline holds tangible clinical/commercial risk, Samimy tells investors.
04/18/18
LEHM
04/18/18
NO CHANGE
Target $230
LEHM
Overweight
Barclays sees 'significant challenges' for Botox biosimilar
Barclays analyst Douglas Tsao says that while he'd probably stop short of calling it "mission impossible," he sees "significant challenges" in the development of a biosimilar to Allergan's (AGN) Botox. Following a deep dive into the key issues Mylan (MYL) will likely face in developing a biosimilar Botox, the analyst and concluded that it seems "technically difficult and faces a long road ahead." Even a best case scenario puts timing out to 2023, Tsao tells investors in a research note. The analyst has an Overweight rating on Allergan with a $230 price target.
04/19/18
04/19/18
NO CHANGE

BTIG says Allergan may be interested in Shire after insufficient Takeda offers
BTIG analyst Timothy Chiang noted that Shire (SHPG) is trading higher after news that at least one other company other than Takeda (TKPYY) is interested in acquiring Shire, and naming Allergan (AGN) as one of those possible suitors. Chiang also believes that other companies, such as Pfizer (PFE), could entering into the bidding for Shire. BTIG maintained a Buy rating and $195 price target on Shire shares.
SHPG Shire
$162.32

-0.2 (-0.12%)

03/28/18
BOFA
03/28/18
NO CHANGE
BOFA
Buy
Still considerable value in Shire even in no Takeda bid scenario, says BofA/Merrill
BofA/Merrill analyst Graham Parry notes that Takeda (TKPYY) has said in a statement that it is considering an approach for Shire (SHPG) but that the consideration is at a preliminary and exploratory stage and no approach has been made to the board of Shire. The analyst continues to see considerable value in Shire with concerns over hemophilia more than priced into the stock and upsides from pipeline, notably SHP643 for HAE and SHP647 for Ulcerative colitis and Crohns, and the value of its plasma/immunology franchise overlooked. Even in a no bid scenario, Parry believes passage through hemophilia overhangs and increased awareness of the value in these assets should see Shire trade higher on 12-month view. He reiterates a Buy rating on Shire's shares.
03/29/18
JEFF
03/29/18
NO CHANGE
Target $172
JEFF
Buy
Shire investors may be amenable to $50B-plus bid, says Jefferies
With challenges in the hemophilia market near term, Shire (SHPG) investors could be amenable to another $50B-plus bid, similar to AbbVie's (ABBV) 2014 offer, Jefferies analyst David Steinberg tells investors in a research note. This would represent a 35% premium to Shire's recent near five-year low valuation, the analyst writes. He says "it remains to be seen" how Takeda Pharmaceutical (TKPYY) could structure a transaction for Shire given the companies' similar equity valuations. The analyst finds it possible that Takeda's disclosed interest could spark competitive bids from large cap pharma companies. He keeps a Buy rating on Shire with a $172 price target.
04/19/18
RILY
04/19/18
NO CHANGE
Target $200
RILY
Buy
Shire price target raised to $200 from $181 at B. Riley FBR
B. Riley FBR analyst David Buck raised his price target for Shire (SHPG) to $200 after the company rejected an approach from Takeda Pharmaceutical (TKPYY) and Allergan confirmed interest in a potential acquisition. The analyst keeps a Buy rating on the shares.

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