Allergan (AGN) Seen as Best Play at RBC Post Election as Pricing Concerns will Ease
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RBC analyst Randall Stanicky sees Allergan (NYSE: AGN) as the best sector play on post election rally with pricing headline set to dissipate materially.
Stanicky commented, "Last night's election result giving the US Presidency to Republican nominee Donald Trump and down-ticket Senate and House majorities holding were a surprise and will shift power towards the Republicans to drive policy. Market volatility is expected to be high but healthcare and specifically specialty pharmaceutical stocks should benefit from the cross-current of perceived alleviation over potential near-term pricing action that a Democratic controlled administration would have been more likely to push for. The sector has been weak with our mid/large cap coverage -25%/-21% on average/median since Aug 1 and this has been in part driven by macro pricing/political headwinds (though clearly fundamental as well_."
Imminent pricing concerns will move lower. Also, Prop 61 is likely to fail in California.
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