Jefferies Raises Price Target on China Biologic Products (CBPO) to $155; Reiterates Buy
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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."
Shares of China Biologic Products closed at $134.17 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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