BMO Capital Cuts Price Target on Jazz Pharmaceuticals (JAZZ) to $192
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BMO Capital maintained an Outperform rating on Jazz Pharmaceuticals (NASDAQ: JAZZ), and cut the price target to $192.00 (from $195.00), following the company's 3Q earnings report. Revenue was reported at $374mn, missing the consensus estimate of $389mn. While revenue fell short, it was mainly due to the well known supply challenges with Erwinaze. EPS of $2.57 was ahead of $2.61 estimates.
Analyst Gary Nachman commented, "JAZZ reported 3Q revenue of $374mn vs. BMO/consensus of $381mn/ $389mn and EPS of $2.57 vs. BMO/consensus $2.56/$2.61. The revenue shortfall was driven mainly by Erwinaze as supply issues continue. Importantly, Xyrem had a solid 3Q and management provided an update on Xyrem LCE with new low sodium formulations that should be able to reach the market within the next few years and help protect the franchise. JAZZ affirmed 2016 guidance, but we lowered our estimates modestly. At current levels we believe the stock is very compelling and reiterate our Outperform."
Shares of Jazz Pharmaceuticals closed at $106.19 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Earnings
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