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PRGO

Perrigo

$78.30

-0.26 (-0.33%)

05:48
08/09/18
08/09
05:48
08/09/18
05:48

Perrigo sees FY18 adj. EPS $4.75-$4.95, consensus $5.20

Primarily due to revised expectations for the RX segment and unfavorable foreign currency translation of $65 million, the company now expects calendar year 2018 net sales to be in the range of $4.8B-$4.9B, consensus $5.01B.

  • 09

    Aug

PRGO Perrigo
$78.30

-0.26 (-0.33%)

07/18/18
CANT
07/18/18
NO CHANGE
Target $107
CANT
Overweight
FDA draft guidance 'meaningfully positive' for Perrigo, says Cantor Fitzgerald
The 4% rally yesterday in Perrigo shares was driven by the FDA's draft guidance titled Innovative Approaches for Nonprescription Drug Products, which helps advance the availability of over-the-counter drugs, Cantor Fitzgerald analyst Louise Chen tells investors in a research note. The analyst views the draft guidance as "meaningfully positive" for Perrigo given the company's "dominance in OTC store brand drugs." The draft guidance applies to drugs under the new drug application process and is intended to extend that NDA pathway to include therapeutic indications that have not, historically, been available for use without a prescription, Chen writes. She keeps an Overweight rating on Perrigo with a $107 price target.
07/30/18
ARGS
07/30/18
DOWNGRADE
ARGS
Hold
Perrigo downgraded to Hold from Buy at Argus
07/30/18
ARGS
07/30/18
DOWNGRADE
ARGS
Hold
Perrigo downgraded to Hold at Argus on price erosion and lower margins
As reported earlier, Argus analyst Jasper Hellweg downgraded Perrigo to Hold from Buy to reflect the challenges faced by the company around the "industry-wide price erosion, a legal investigation, and a reduction in FDA approvals". The analyst also lowered his FY18 EPS estimate to $5.28 from $5.43 as a result of reduced margins driven by higher spending on research and development. Hellweg believes that these challenges justify Perrigo's discount valuation of 14.7-times expected FY18 earnings multiple relative to its 5-year historical average as well as the peer average of 17.6-times.
07/30/18
07/30/18
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. Colgate-Palmolive (CL) downgraded to Neutral from Outperform at Macquarie with analyst Caroline Levy saying she does not expect growth to accelerate over the next several quarters and lowered her FY18 organic sales estimate to 0.5% from 1% and FY19 to 2.2% from 3.2%. 2. Alaska Air (ALK) downgraded to Neutral from Outperform at Macquarie. 3. Perrigo (PRGO) downgraded to Hold from Buy at Argus with analyst Jasper Hellweg citing the challenges faced by the company around the "industry-wide price erosion, a legal investigation, and a reduction in FDA approvals." 4. Synchronoss (SNCR) downgraded to Sell from Hold at Stifel with analyst Tom Roderick saying recent filings reveal that liquidity issues loom, the company is "out of levers, and time is not on their side." 5. Synchrony (SYF) downgraded to Equal Weight from Overweight at Barclays with analyst Mark Devries saying the loss of the Walmart (WMT) credit card business heightens contract renewal risk and caps upside in the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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