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Fly News Breaks for June 25, 2019
ABBV, AGN
Jun 25, 2019 | 08:23 EDT
Ahead of the call to discuss AbbVie's (ABBV) planned $63B acquisition of Allergan (AGN), Piper Jaffray analyst Christopher Raymond said his first reaction to the deal could be summed up with the phrase "two turkeys don't make an eagle," but he is "willing to listen" despite his skepticism about the transaction. Though he cannot say he is "excited at the prospect of AbbVie entering the field of medical aesthetics," EPS accretion of 10% in year one and over 20% at peak, and the potential for meaningful deleveraging and cost cutting, has his attention, Raymond said. He keeps a Neutral rating on AbbVie based on his initial reaction to the deal announcement.
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