Impax Laboratories (IPXL) PT Cut to $24 at Leerink Partners
- Top 10 News for 10/24 - 10/28: AT&T (T), Time Warner Make it Official; Margins Hamper Apple's Q4; Mergers Aplenty
- Wall St stumbles as FBI to review more Clinton emails
- FBI to review more emails related to Clinton's private email use
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Leerink Partners analyst Jason Gerberry cut his price target on Impax Laboratories (NASDAQ: IPXL) to $24.00 (from $33.00) following a big Q2 miss and "questionable" guidance. The firm maintained a Market Perform rating.
Gerberry commented, "In 2Q, IPXL missed consensus sales and EPS by 25% and 54%, respectively. Sources of the miss include a ~30% Y/Y generic sales decline, with mgmt citing increased competition to key generic products and several delays (pipeline & TEVA [OP] deal close). As a result, we are lowering our sales forecast in '16E and '17E by 7% and 3%, respectively, to reflect the near-term generic segment headwinds but raising our ’19-21E est. modestly due to contributions from new exclusive launches. The net impact of these changes is a 9% and 7% reduction in '16E and '17E EPS, respectively, with more modest +/- 1-2% changes in '18E+ EPS. Rytary growth in 2Q moderated to +27% and mgmt. cited sales force disruption as factor. We are trimming our ’16-21E Rytary forecast by 15% to reflect more modest growth trend. We remain MP with a PT of $24 (fr $33) on IPXL's limited revenue upside and US generics outlook."
Shares of Impax Laboratories closed at $23.43 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Leerink Partners Downgrades McKesson (MCK) to Market Perform
- Jefferies Raises Price Target on Bristol-Myers Squibb (BMY) Following 3Q
- Oppenheimer Raises Price Target on Wex, Inc. (WEX) Following 3Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!