Impax Laboratories (IPXL): Cutting PT But Reiterating Overweight Rating - Piper Jaffray

August 10, 2016 7:36 AM EDT
Get Alerts IPXL Hot Sheet
Price: $21.85 -0.23%

Rating Summary:
    10 Buy, 15 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Piper Jaffray analyst, David Amsellem, reiterated his Overweight rating on shares of Impax Laboratories (NASDAQ: IPXL) after the company Impax reported 2Q16 non-GAAP EPS of $0.21 on revenue of $173M, well short of the Street estimates of $0.32 and $224M, IPXL provided guidance following the announcement of the acquisition of Teva/Actavis generic assets in June, its hard to fathom how it could not have foreseen or known how conditions surrounding key products would further deteriorate.

However, the Teva/Actavis deal represents an upgrade of the generics portfolio. Given that backdrop, the analyst believes the risk/reward profile for IPXL is favorable with a 2017 P/E and EV/ EBITDA of 10x and 9x.

The price target drops to $32 from $40.

For an analyst ratings summary and ratings history on Impax Laboratories click here. For more ratings news on Impax Laboratories click here.

Shares of Impax Laboratories closed at $23.43 yesterday.

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