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MNK

Mallinckrodt

$9.45

-0.05 (-0.53%)

11:12
06/12/19
06/12
11:12
06/12/19
11:12

Mallinckrodt price target lowered to $18 from $42 at Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen lowered her price target for Mallinckrodt to $18 from $42, driven by multiple contraction, given increasing headwinds from macro factors. While acknowledging that competition for Acthar could drive downside to her estimates and the consensus, the analyst reiterates an Overweight rating on the shares.

MNK Mallinckrodt
$9.45

-0.05 (-0.53%)

05/31/19
PIPR
05/31/19
DOWNGRADE
Target $9
PIPR
Neutral
Piper downgrades Mallinckrodt, says prior thesis blown to 'smithereens'
Piper Jaffray analyst David Amsellem downgraded Mallinckrodt to Neutral from Overweight and cut his price target for the shares to $9 from $39. The stock closed yesterday down 25c to $9.05. The analyst says last week's developments regarding Acthar in the Medicaid setting, along with as much as a $600M Centers for Medicare & Medicaid Services-related liability, "essentially blew" his prior investment thesis to "smithereens." Further, the analyst does not have a high degree of confidence that there will "not be another proverbial shoe to drop regarding the payer landscape." In addition, he does not see how the separation of the generics business will unlock any value. As such, in a search note titled "Cannot Keep Defending The Indefensible," Amsellem downgraded Mallinckrodt to Neutral from Overweight.
05/31/19
05/31/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Mallinckrodt (MNK) downgraded to Neutral from Overweight at Piper Jaffray with analyst David Amsellem stating last week's developments regarding Acthar in the Medicaid setting, along with as much as a $600M Centers for Medicare & Medicaid Services-related liability, "essentially blew" his prior investment thesis to "smithereens." 2. Nucor (NUE) downgraded to Underperform from Buy at BofA/Merrill with analyst Timna Tanners incorporating a lower near-term forecast for prices, especially for sheet and rebar, and a lower 2021-2022 forecast given expectations for a looming glut in steel. 3. J.Jill (JILL) downgraded to Hold from Buy at Deutsche Bank with analyst Lorraine Hutchinson stating that she expects the stock's multiple to contract due to the company's slower growth. 4. Nutanix (NTNX) downgraded to Neutral from Overweight at Piper Jaffray with analyst Andrew Nowinski citing the company's "continued execution issues," which he attributes partially to increasing competition. 5. Zuora (ZUO) downgraded to Buy from Strong Buy at Needham with analyst Scott Berg saying that the stock could be "dead money" for the next 1-2 quarters, noting that the sales issues are more concerning than the product issues and may require a change in sales leadership. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/06/19
WELS
06/06/19
NO CHANGE
Target $11
WELS
Market Perform
Mallinckrodt price target lowered to $11 from $25 at Wells Fargo
Wells Fargo analyst David Maris lowered his price target for Mallinckrodt to $11 from $25 after the company said it reached an agreement in principle with the U.S. Department of Justice to resolve the previously disclosed suit regarding legacy Questcor sales and marketing practices for $15.4M. In addition, with respect to the outstanding DOJ civil complaint covering legacy Questcor charitable foundation practices, this suit is still outstanding and it "intends to vigorously defend the company in this matter," he adds. Maris spoke to the company, and Mallinckrodt believes the settlement was a favorable outcome to begin to put these legacy issues behind them. Maris reiterates a Market Perform rating on the shares.
06/11/19
LEHM
06/11/19
INITIATION
Target $11
LEHM
Equal Weight
Mallinckrodt initiated with an Equal Weight at Barclays
Barclays analyst Balaji Prasad started Mallinckrodt with an Equal Weight rating and $11 price target. The analyst launched coverage of 20 U.S. Specialty Pharmaceuticals with a Neutral industry view. He placed importance on cash flows and companies' ability to manage leverage and improve balance sheets.

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