Mizuho Securities Cuts Price Target on Allergan (AGN) to $299 Ahead of 3Q Report

October 11, 2016 7:16 AM EDT
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Price: $230.47 -1.12%

Rating Summary:
    18 Buy, 13 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Mizuho Securities maintained a Buy rating on Allergen (NYSE: AGN), and cut the price target to $299.00 (from $305.00), ahead of the company's 3Q earnings release. Mizuho is expecting the company to report $3.78B in revenue and EPS of $3.72 relative to consensus estimates of $3.79B and $3.63.

Analyst Irina Koffler commented, "We forecast a 3Q:16 beat based on lower R&D spend and buy-back assumptions. We think execution could rally AGN after recent negative reaction to dilutive M&A. The big unknown is the trajectory of the cosmetic business after a strong 2Q:16. We lower PT to $299 from $305 while reiterating Buy and also conduct a deep dive into the newly acquired NASH assets."

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

Shares of Allergen closed at $242.65 yesterday.

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