Mizuho Securities Cuts Price Target on Allergan (AGN) to $299 Ahead of 3Q Report
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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."
Shares of Allergen closed at $242.65 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesEarnings, Irina Koffler
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