Impax Laboratories (IPXL): Cutting PT But Reiterating Overweight Rating - Piper Jaffray
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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.
Shares of Impax Laboratories closed at $23.43 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Definitive Agreement
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