Jazz Pharmaceuticals (JAZZ) Cutting PT on Higher OpEx - Mizuho

August 10, 2016 6:19 AM EDT
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Price: $123.88 -0.43%

Rating Summary:
    28 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Mizuho Securities analyst, Irena Koffler, reiterated her Buy rating on shares of Jazz Pharmaceuticals (NASDAQ: JAZZ) but reduced her price target to $185.00 from $195.00 after Jazz beat on revenue but missed EPS due to updated tax reporting. The company reduced EPS guidance by $1.20 due to increased opex associated with its Celator deal and the impact of the tax change.

JAZZ reported 2Q:16 revs of $381.2M and $2.63 EPS vs. consensus estimates of $376.4M and $2.78 and our estimates of $361.7M and $2.76. The company updated its tax reporting in line with its peers to comply with new SEC guidance and its EPS would have otherwise been $2.82. Mgmt lowered the revenue range on its previous FY:16 guidance to $1.485-$1.530B from $1.49-$1.55B due to another potential Erwinaze supply disruption. It also lowered adjusted EPS to $9.90-$10.30 from $11.10- $11.50 primarily on higher opex associated with its Celator acquisition and new tax reporting.

For an analyst ratings summary and ratings history on Jazz Pharmaceuticals click here. For more ratings news on Jazz Pharmaceuticals click here.

Shares of Jazz Pharmaceuticals closed at $150.01 yesterday.

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