Leerink Not Surprised by CEO Change at Endo Int'l (ENDP); Affirms at 'Market Perform'
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Leerink affirms Endo Int'l (Nasdaq: ENDP) at Market Perform with a price target of $22 following news of a key executive change.
The firm commented today,
This morning ENDP announced that Rajiv De Silva will step down as CEO and be replaced by Paul Campanelli, the former President of ENDP’s Generic and OTC division. Mr. Campanelli will also join ENDP’s board of directors and Mr. De Silva will step down from the board. In our view, the news doesn’t come as a surprise given ENDP’s stock performance and strategic shift toward a generic-focused portfolio. ENDP is making no changes to 2H’16 financial guidance.
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