Leerink Partners Cuts Price Target on Diplomat Pharmacy (DPLO) to $15
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Leerink Partners maintained a Market Perform rating on Diplomat Pharmacy (NYSE: DPLO), and cut the price target to $15.00 (from $18.00), after updating estimates.
Analyst David Larsen commented, "We are publishing an updated model that includes 2017 quarterly estimates and our full-year outlook for 2018E. Our full-year 2017E EPS of $0.85 (+4.6% y/y) remains unchanged and our 2018E EPS of $0.90 assumes +5.3% y/y growth on revenue growth of +15%. We are generally cautious on shares of DPLO given "Direct and Indirect Remuneration" (DIR) fees from the PBMs, a difficult Hep C comp, slowing price inflation, and a lack of visibility into earnings. We maintain our Market Perform rating on DPLO, but reduce our price target to $15 from $18 on a lower group multiple."
Shares of Diplomat Pharmacy closed at $13.29 yesterday.
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