Leerink Swann Upgrades Actavis (ACT) to Outperform

July 29, 2013 7:46 AM EDT
Get Alerts ACT Hot Sheet
Price: $298.98 --0%

Rating Summary:
    15 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Leerink Swann upgraded Actavis (NYSE: ACT) from Market Perform to Outperform with a price target of $155.00 (from $133.00), saying perceived overhangs represent good entry point.

The firm highlighted two main points: (1) we view current overhangs on stock as low grade earnings risks and a buying opportunity; and (2) we are increasingly confident in mgmt’s ability to deliver upside vs. earnings expectations and wisely deploy shareholder capital post closing of WCRX (MP) deal, the former supported by recent checks with a MEDACorp tax specialist suggesting upside to current pro forma (PF) tax rate guidance.

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

Shares of Actavis closed at $132.71 yesterday.

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