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PRGO

Perrigo

$54.98

1 (1.85%)

07:57
09/30/19
09/30
07:57
09/30/19
07:57

Perrigo price target raised to $52 from $45 at Wells Fargo

Wells Fargo analyst David Maris raised his price target for Perrigo to $52 from $45 following quarterly results and after talking with management. The analyst likes the company's progress thus far but the outlook for robust growth is still not dramatically improved even though Perrigo is better focused. Maris reiterates a Market Perform rating on the shares.

  • 01

    Oct

PRGO Perrigo
$54.98

1 (1.85%)

07/02/19
WELS
07/02/19
NO CHANGE
WELS
Market Perform
Perrigo closing of Ranir deal a bit earlier than expected, says Wells Fargo
Wells Fargo analyst David Maris spoke to Perrigo's Investor Relations team, who acknowledged that the company had expected to close its acquisition of Ranir in "early to mid" Q3, so today's announcement that the deal had closed came a bit sooner than expected. Maris said today's announcement and guidance update "should not be a major surprise," though he believes some may wonder if the earlier close implies that the new guidance may also be understating the year or if it is possibly offsetting greater than expected declines in the rest of the business. Consensus for Perrigo's FY19 EPS is $3.94 and Maris estimates Perrigo's adjusted EPS at $4.04. He keeps a Market Perform rating on Perrigo shares.
07/11/19
WELS
07/11/19
NO CHANGE
WELS
Market right in seeing rebate news as risk to pharmaceuticals, says Wells Fargo
Most pharmaceuticals stocks are down today due to a number of factors, including reports that the Trump Administration is abandoning its plan to lower drug prices by eliminating or restricting pharmacy benefit manager rebating, Wells Fargo analyst David Maris tells investors in a research note. The analyst believes the market is correctly interpreting the move as a potential risk to drugmakers. The absence of a rebating fix "does not mean there will not be a plan to address drug prices, but perhaps a greater risk that the absence of a rebate fix will put additional pressure to come up with ways to actually lower prices in ways that could more greatly impact drug makers than the rebating fix would have," contends Maris. He points out that companies with large cash-pay components of their business, like Allergan (AGN), Establishment Labs (ESTA), Evolus (EOLS), GlaxoSmithKline (GSK), Perrigo (PRGO), Revance (RVNC) and Sientra (SIEN), do not seem to be under as much pressure today as some of their more generic or pharma-concentrated peers. Maris says his Outperform ratings on Allergan, Establishment and Sientra are in part due to their cash-pay concentration
09/24/19
CANT
09/24/19
NO CHANGE
CANT
Mylan, Perrigo, Zoetis unlikely to be hurt by headline risks, says Cantor
Cantor Fitzgerald analyst Louise Chen does not think investors are "ready to embrace healthcare yet" ahead of potential legislative changes to drug pricing and an election year where healthcare is a major topic of debate. With that said, she thinks the business models for Mylan (MYL), Perrigo (PRGO) and Zoetis (ZTS) are not likely to be impacted by the headline risks in healthcare.
09/25/19
RHCO
09/25/19
NO CHANGE
Target $55
RHCO
Hold
Perrigo price target raised to $55 from $51 at SunTrust
SunTrust analyst Gregg Gilbert raised his price target on Perrigo to $55 after meeting with its CEO Murray Kessler and CFO Ray Silcock. The analyst notes that he is encouraged by the management's confidence in delivering organic growth, managing liabilities, and pursuing "bolt-on" deals, but also keeps his Hold rating ahead of gaining further clarity on organic growth trends, the separation options of its generic business, and the company's tax liability overhang. Gilbert also adjusts the implied valuation of his pricing model to 11-times his expected FY20 EBITDA from the prior 10-times multiple.

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