Canaccord Genuity Maintains a 'Buy' on Hi Tech Pharmacal (HITK); Bumpy Q4 Could Double As Inflection Point

June 11, 2012 8:51 AM EDT
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Price: $43.49 --0%

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Canaccord Genuity maintains a 'Buy' on Hi Tech Pharmacal (NASDAQ: HITK) price target of $45.00.

Analyst, Randall Stanicky, said, "We are lowering fiscal Q4E EPS from $0.81 to $0.73 on a combination of lower cough and cold contribution and higher near-term SG&A spending. We see further headwinds for fiscal Q4 (week of July 9) largely due to a uniquely weak and well advertised cough and cold season. That said, the stock has pulled back - 25% YTD, and we see several drivers that can make the stock work in H2/2012 and beyond for those who can look past the quarter. We see the upcoming fiscal Q4 as an inflection with limited downside from here and make no change to our price target."

For an analyst ratings summary and ratings history on Hi Tech Pharmacal click here. For more ratings news on Hi Tech Pharmacal click here.

Shares of Hi Tech Pharmacal closed at $29.15 yesterday.

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