Jefferies Raises Price Target on China Biologic Products (CBPO) to $155; Reiterates Buy

August 8, 2016 8:07 AM EDT
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Price: $111.21 +3.62%

Rating Summary:
    4 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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Jefferies reiterated a Buy rating on China Biologic Products (NASDAQ: CBPO), and raised the price target to $155.00 (from $136.00), following the company's 2Q earnings report. Total sales revenue was up 15.6% yoy and Non-GAAP net income was up 23.0% yoy despite fx drag.

Analyst Kevin Zhao commented, "CBPO posted strong 2Q16 results and encouraging updates. Key highlights include: No. 1 market shares in albumin, IVIG and PP in 1H16; approved plan to increase stake in Guizhou subsidiary; ASP uptrend; smooth ramp-up of Hebei centre. In the coming months, a few big provinces are publishing tendering results, which we believe will further consolidate ASP uptrend and boost market sentiment on the sector. Maintain Buy and raise PT to US$155."

For an analyst ratings summary and ratings history on China Biologic Products click here. For more ratings news on China Biologic Products click here.

Shares of China Biologic Products closed at $134.17 yesterday.

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