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AGN

Allergan

$155.45

0.25 (0.16%)

11:56
11/30/18
11/30
11:56
11/30/18
11:56

RBC shares investor frustration, but sees 'unlocked value' in Allergan

In a research note last night titled "Is it time for bold change at AGN? Investor frustration is high but value remains," RBC Capital analyst Randall Stanicky said he continues to see "significant unlocked value" in shares of Allergan. The analyst added that like many investors, he's frustrated. While it's easy to point to pipeline opportunity, after three years of underperformance, debate around whether it is time for bigger change has justifiably returned, Stanicky wrote. The reality, according to the analyst, is that both Allergan's pipeline and the potential push for a break-up "add optionality" on an "already compelling valuation." Amidst this backdrop, the analyst believes the focus on next week's conference update will be high. While there has been some positive evolution, like the board refresh and reduced focus on big acquisitions, the company's overall strategy is "unchanged and premised on investor appetite to own a platform comprised of various therapeutic assets combined via historical specialty pharma consolidation," says Stanicky. He believes investor frustration "is justified as is a sense of urgency to address performance." Nonetheless, the analyst's view on Allergan remains unchanged. He sees "attractive pipeline opportunity" with the greater value creation opportunity coming from a "more aggressive platform revisit/break-up." Both the potential for a strategic revisit and pipeline add to the stock's attractive risk/reward, contends Stanicky. Divesting Women's Health and/or Anti-infectives may seem incremental, but it would still be a "positive first step while a reversal in course would likely be a catalyst for greater investor frustration," Stanicky adds. The analyst kept an Outperform rating on Allergan with a $220 price target. The stock in midday trading is unchanged at $155.24.

  • 05

    Dec

AGN Allergan
$155.45

0.25 (0.16%)

11/14/18
11/14/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Avid (AVID) initiated with a Hold at Jefferies. 2. ProQR Therapeutics (PRQR) initiated with an Overweight at Cantor Fitzgerald. 3. GW Pharmaceuticals (GWPH) initiated with an Outperform at Leerink. 4. Equitrans Midstream (ETRN) initiated with an Overweight at US Capital Advisors. 5. Zymogenetics (ZGEN) and Allergan (AGN) were initiated with an Outperform at Leerink. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/13/18
LEER
11/13/18
INITIATION
Target $220
LEER
Outperform
Allergan initiated with an Outperform at Leerink
Leerink analyst Marc Goodman started Allergan with an Outperform and $220 price target as he initiates Neuroscience space with a Positive View. The analyst believes the Neuroscience sector is experiencing a "renaissance" as multiple new agents and mechanisms are coming up the pipeline across major therapeutic areas, the number of clinical studies is growing nicely, and the FDA is friendly to innovation in this space, companies are getting smarter about speed-to-market strategies and selecting niche sub-populations to focus on for initial product approvals, payer pushback on usage is much lower than in other categories, and physicians are enthusiastic about new agents. Regarding Allergan, Goodman notes that management has finally rebased numbers and growth expectations to credible levels and the balance sheet is becoming less of a focus. Further, he believes the underlying growth of the base business is underappreciated.
11/12/18
LEER
11/12/18
INITIATION
Target $220
LEER
Outperform
Allergan initiated with an Outperform at Leerink
Leerink Partners analyst Marc Goodman started Allergan with an Outperform rating and $220 price target.
11/01/18
MZHO
11/01/18
NO CHANGE
Target $213
MZHO
Buy
Allergan selloff on 'optimistic' 2019 estimates overdone, says Mizuho
Mizuho analyst Irina Koffler lowered her price target for Allergan shares to $213 from $220 but remains a buyer of the stock with a Buy rating. The analyst attributes the weakness in shares of Allergan to "overly optimistic" 2019 estimates. However, the selloff is overdone, Koffler tells investors in a research note.

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