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Fly News Breaks for November 7, 2019
Nov 7, 2019 | 07:16 EDT
As previously reported, Morgan Stanley analyst David Risinger downgraded Mylan to Equal Weight from Overweight with a price target of $18, down from $25. He has become more conservative in his estimates after competing U.S. generic businesses missed estimates in the past two days, which he thinks may be indicative of ongoing industry pressures, Risinger tells investors. After management's Q3 call comments implied uncertainty about 2020 and beyond, and three other generic businesses reported disappointing results over the past two days, Risinger has cut his out-year forecasts for revenue and margins. His long-term EPS is now 6% below consensus for Mylan, the analyst noted.
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