Leerink Partners Remains Sidelined on Perrigo (PRGO) Following Mixed 2Q

August 11, 2016 9:00 AM EDT
Get Alerts PRGO Hot Sheet
Price: $73.48 -2.1%

Rating Summary:
    11 Buy, 14 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Leerink Partners maintained a Market Perform rating on Perrigo Co. (NYSE: PRGO), and cut the price target to $81.00 (from $96.00), following the company's 2Q earnings report. PRGO reported a modest beat on top line, but missed EPS by 3%.

Analyst Jason Gerberry commented, "We are lowering our forecasts and PT following a disappointing 2Q update wherein '16E guidance for sales and non-GAAP EPS was reduced ~6% and ~17%, respectively. PRGO's generic business continues to face competitive pressure given the attractive pricing/unit in niche topical formulations in PRGO's markets, and we are reluctant to "call the bottom" given PRGO's small generic pipeline."

For an analyst ratings summary and ratings history on Perrigo Co. click here. For more ratings news on Perrigo Co. click here.

Shares of Perrigo Co. closed at $86.00 yesterday.

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