Leerink Partners Remains Sidelined on Perrigo (PRGO) Following Mixed 2Q
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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."
Shares of Perrigo Co. closed at $86.00 yesterday.
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