Leerink Partners Raises price Target on Diplomat Pharmacy (DPLO) to $38 Following Mixed 2Q
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Leerink Partners reiterated an Outperform rating on Diplomat Pharmacy (NYSE: DPLO), and raised the price target to $38.00 (from $36.00), following the company's 2Q earnings report. DPLO reported total revenue of $1,089M, 3% below consensus of $1,118M. Adjusted EPS $0.23 was above the consensus estimates of $0.21.
Analyst David Larsen commented, "While DPLO continues to outgrow the specialty pharmacy market with organic growth of 28% y/y in 2Q, the quarter was a mixed bag as revenue missed on lower volumes but earnings were slightly ahead of expectations and guidance was reaffirmed. Consolidation opportunities remain plentiful for DPLO with management actively looking at regional specialty pharmacies and we expect acquisitions to continue to be a growth tailwind. We reduce our estimates on slightly lower volume and margin assumptions but maintain our OP rating, PT to $38 (from $36) and recommend buying on weakness."
Shares of Diplomat Pharmacy closed at $36.79 yesterday.
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