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TEVA

Teva

$14.98

0.07 (0.47%)

, MYL

Mylan

$26.47

-0.13 (-0.49%)

11:35
04/24/19
04/24
11:35
04/24/19
11:35

Sandoz results should not be seen as positive for generics, says Wells Fargo

Wells Fargo analyst David Maris sees nothing in the Q1 results from Novartis (NVS) unit Sandoz that points to a dramatically improving U.S. generic pricing environment. We would tot read the Sandoz results as a positive for generic companies such as Teva (TEVA) and Mylan (MYL), and commentary about generic Copxone pricing trends is a negative, Maris tells investors in a research note. He believes Sandoz trends are important to watch as a potential read-through for other generic drug company results. Novartis continues to see higher generic headwinds in the remainder of 2019, Maris points out, citing comments from the earnings call.

TEVA

Teva

$14.98

0.07 (0.47%)

MYL

Mylan

$26.47

-0.13 (-0.49%)

NVS

Novartis

$78.35

2.51 (3.31%)

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TEVA Teva
$14.98

0.07 (0.47%)

04/22/19
CANT
04/22/19
NO CHANGE
Target $75
CANT
Overweight
Emergent shares largely pricing in Teva approval, says Cantor Fitzgerald
The FDA on Friday granted Teva Pharmaceutical (TEVA) final approval for its generic version of Narcan, Cantor Fitzgerald analyst Brandon Folkes tells investors in a research note. The analyst views the announcement as largely anticipated following the expiration of Teva's 30- month stay last month. Shares of Emergent BioSolutions (EBS) are down 18.7% since reporting Q4 earnings, largely driven by the anticipation of a final approval of Teva's generic naloxone, says Folkes. While Friday's approval is a negative and will continue to create an overhang on Emergent shares, the recent weakness has "adequately accounted for this overhang," he contends. As such, Folkes keeps an Overweight rating on Emergent BioSolutions with a $75 price target.
04/18/19
PIPR
04/18/19
NO CHANGE
PIPR
Teva gains ground on Amgen in latest migraine survey, says Piper Jaffray
Following of survey of 99 neurologists done by his firm's partner Spherix Global Insights, Piper Jaffray analyst Christopher Raymond maintains an Overweight rating on Amgen (AMGN) and a Neutral rating on Teva Pharmaceutical (TEVA). The migraine survey indicates Eli Lilly's (LLY) Emgality is lagging and that Teva's Ajovy appears to be gaining ground on Amgen's Aimovig across numerous metrics, Raymond tells investors in a research note. While one data point does not a trend make, this move warrants close attention, especially given the increased significance assigned to Aimovig with respect to Amgen sentiment, says the analyst. Raymond, however, remains cautious on Teva shares given the" lack of clarity regarding when/where EBITDA will hit a trough." On the R&D side, the analyst notes that Overweight-rated Alder Biopharmaceuticals' (ALDR) eptinezumab "appears to be particularly top-of-mind among migraine specialists."
04/16/19
CANT
04/16/19
NO CHANGE
Target $58
CANT
Overweight
Eagle agreement with Teva could be worth $5 per share, says Cantor Fitzgerald
Eagle Pharmaceuticals (EGRX) announced yesterday that it renegotiated its revenue arrangement with Teva (TEVA), whereby the royalty rate on Bendeka sales would increase to 30% from 25% on October 1, 2019, and increase by 1% a year until the rate reaches 32%, Cantor Fitzgerald analyst Brandon Folkes tells investors in a research note. The analyst views the announcement as a positive for Eagle shares. Based on his current Bendeka assumptions, he believes the announcement could be worth up to $5 per share. With Eagle Pharmaceuticals shares up 1.8% yesterday, the market appears to have overly discounted the potential upside from the news, says Folkes. He keeps an Overweight rating on the name with a $58 price target.
03/28/19
03/28/19
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. Lyft (LYFT) initiated with a Neutral at Wedbush. 2. The Medicines Co. (MDCO) initiated with an Outperform at Baird. 3. Fate Therapeutics (FATE) initiated with an Outperform at SVB Leerink. 4. Teva (TEVA) initiated with a Market Perform at BMO Capital. 5. Pebblebrook Hotel (PEB) initiated with a Neutral at Citi. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
MYL Mylan
$26.47

-0.13 (-0.49%)

03/19/19
RHCO
03/19/19
INITIATION
Target $35
RHCO
Buy
Mylan initiated with a Buy at SunTrust
SunTrust analyst Gregg Gilbert started Mylan with a Buy rating and $35 price target. The analyst believes the shares can outperform from here despite the "challenging environment" based on its diverse global business and large pipeline. Mylan's valuation is "depressed" and financial expectations "have been lowered enough," Gilbert tells investors in a research note.
04/02/19
CANT
04/02/19
NO CHANGE
Target $41
CANT
Neutral
Mylan Q1 estimate lowered to 70c from 88c at Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen lowered her Q1 earnings per share estimate for Mylan to 70c from 88c to reflect the company's comments last month that its revenue and earnings are second half weighted for 2019. This is because upfront investments in new launches should provide returns in the back half of the year, Chen tells investors in a research note. The analyst keeps a Neutral rating on Mylan with a $41 price target.
04/04/19
JPMS
04/04/19
NO CHANGE
Target $39
JPMS
Overweight
Mylan remains 'best house in a bad neighborhood,' says JPMorgan
JPMorgan analyst Chris Schott says he continues to view Mylan as the "best house in a bad neighborhood." The analyst keeps an Overweight rating on the shares with a $39 price target. With consensus expectations appropriately reset post the Q4 results and shares still trading at a "depressed multiple," Myaln has a "favorable setup," Schott tells investors in a research note. The analyst expects Mylan to "remain a controversial story" over the next year, but he sees a path to "potentially significant upside" if the company executes on recent launches and/or its investments pan out. Schott sees few other attractive opportunities in the generics space.
03/27/19
ARGS
03/27/19
NO CHANGE
Target $32
ARGS
Buy
Mylan price target lowered to $32 from $42 at Argus
Argus analyst Jasper Hellweg lowered his price target on Mylan to $32 to reflect its recent earnings miss and a range of issues over the past few quarters that included the loss of marketing exclusivity on certain drugs, controversies surrounding the EpiPen, and manufacturing bottlenecks. The analyst is keeping his Buy rating however and believes that Mylan may be reaching an inflection point after launching several key new generic and biosimilar products in 2018 and expanding its product portfolio. Hellweg adds that while Mylan "may face uneven results in the near-term as it works through the costs associated with the launch of new items", he also believes that the company is "on the right track to restore growth."
NVS Novartis
$78.35

2.51 (3.31%)

04/10/19
MSCO
04/10/19
INITIATION
Target $65
MSCO
Overweight
Alcon initiated with an Overweight at Morgan Stanley
Morgan Stanley analyst David Lewis initiated Alcon (ALC) with an Overweight rating and $65 price target, stating that he expects its pipeline, sales and capex reinvestment to drive an inflection in revenue growth and margin expansion post the spinoff from Novartis (NVS). Near-term improvement at Alcon hinges on the two key PanOptix and PRECISION1 franchises, Lewis noted.
04/10/19
04/10/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Reduce from Hold at HSBC with analyst Erwan Rambourg saying the returns from Apple's recent announcements, including the Apple News+ premium news subscription, the Apple Card in partnership with Goldman Sachs (GS), Apple Arcade games as part of the App store and video subscription Apple TV+, could "take some time to extract." 2. AmerisourceBergen (ABC) downgraded to In Line from Outperform at Evercore ISI with analyst Michael Cherry citing group profit questions, lack of clarity with PharMEDium, and a reduction in multiple for peers Cardinal Health (CAH) and McKesson (MCK). 3. Novartis (NVS) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Mark Purcell saying the spinoff of Alcon will put more attention on the generics risk Novartis faces in its pharma business. 4. TerraForm Power (TERP) downgraded to Sell from Neutral at Goldman Sachs with analyst Brian Lee saying that while the company is in the midst of an operational transition that may improve cash flow and dividend flexibility, the upside appears to be priced in. 5. Foot Locker (FL) assumed with a Neutral from Buy at Citi with analyst Paul Lejuez saying while Foot Locker has "tailwinds at its back" in North America with comps inflecting positively in Q4, the company still faces many of the same headwinds as other specialty retailers given its "significant" mall exposure and EBIT pressure from direct-to-consumer. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/17/19
JEFF
04/17/19
NO CHANGE
Target $343
JEFF
Hold
Regeneron price target lowered to $343 from $376 at Jefferies
Jefferies analyst Biren Amin lowered his price target for Regeneron Pharmaceuticals (REGN) to $343 from $376 after doctors in his firm's survey viewed Novartis' (NVS) brolucizumab favorably. Retina specialists are particularly eager to prescribe brolucizumab, Amin tells investors in a research note. "Conservatively" incorporating the doctor estimates for brolucizumab uptake cuts revenue for Regeneron's Eylea in wet age-related macular degeneration by 13% over next two years, says the analyst. His revised Eylea estimates are now 4%-7% below consensus for fiscal 2020 through 2023. Amin thinks the Street underestimates the impact of the brolucizumab entry, which he thinks could "replicate events seen when Eylea launched and encroached on Lucentis share." The analyst keeps a Hold rating on Regeneron.
04/10/19
MZHO
04/10/19
NO CHANGE
Target $41
MZHO
Buy
Alcon spinoff shows Bausch Health is undervalued, says Mizuho
Mizuho analyst Irina Koffler reiterates a Buy rating on Bausch Health Companies (BHC) with a $41 price target following Novartis' (NVS) spinoff of Alcon (ALC). Bausch's smaller B+L segment should trade at a "slight discount" to market leader Alcon, but calculate that the market is currently assigning only a 13 times 2019 enterprise value to EBITA multiple to the B+L business, Koffler tells investors in a research note. This highlights that Bausch Health is undervalued, contends the analyst.

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KMI

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MU

Micron

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CMCSA

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FDX

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$156.00

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FDX

FedEx

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FedEx

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FedEx

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FedEx

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FedEx

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