BMO Capital Reiterates Outperform on Mallinckrodt (MNK) Following Solid 4Q
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BMO Capital reiterated an Outperform rating and $92.00 price target on Mallinckrodt plc (NYSE: MNK) following the company's 4Q earnings report. Revenue of $887mn came in ahead of the consensus of 874mn, driven largely by Acthar. EPS were $2.04 vs. the consensus of 1.97.
Analyst Gary Nachman commented, "MNK delivered in F4Q with solid top and bottom line upside. Revenue of $887mn vs. BMO/consensus $872mn/874mn was driven largely by Acthar, more than offsetting generic weakness. EPS were $2.04 vs. BMO/consensus $1.94/1.97. There was clearly a benefit from an extra week in F4Q that was well known, but even without that, the brands performed well. Generics remains a concern though and investors will likely look towards 2017 guidance on/before earnings in early February."
Shares of Mallinckrodt plc closed at $57.67 yesterday.
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