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PRGO

Perrigo

$70.04

-8.26 (-10.55%)

06:00
08/10/18
08/10
06:00
08/10/18
06:00

Perrigo downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Gregg Gilbert downgraded Perrigo to Hold and lowered her price target for the shares to $78 from $93. The analyst thinks it will take the market some time to realize if the company's decision to separate the prescription business from the consumer business will benefit shareholders. Meanwhile, Perrigo needs to re-establish a "meet-or-beat track record" in the coming quarters, Gilbert tells investors in a research note.

PRGO Perrigo
$70.04

-8.26 (-10.55%)

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.
08/09/18
WELS
08/09/18
NO CHANGE
Target $84
WELS
Market Perform
Perrigo quarter disappointing on 'several fronts,' says Wells Fargo
Wells Fargo analyst David Maris says that while he's not recommending shares of Perrigo, the company's Q2 results are still disappointing on "several fronts," especially segment operating margins and Rx Segment revenues. Perrigo missed Q2 estimates and lowered its outlook for 2018, Maris tells investors in a post-earnings research note. He keeps a Market Perform rating on the shares with an $84 price target. The stock in morning trading is down 8%, or $6.37, to $71.93.

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