Jazz Pharmaceuticals (JAZZ) Cutting PT on Higher OpEx - Mizuho
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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.
Shares of Jazz Pharmaceuticals closed at $150.01 yesterday.
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