Mizuho Securities Upgrades DepoMed Inc (DEPO) to Buy
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Mizuho Securities upgraded DepoMed Inc (NASDAQ: DEPO) from Neutral to Buy with a price target of $24.00 (from $27.00) following the sell-off, saying they believe a deal will happen.
Analyst Irina Koffler commented, "We upgrade DEPO to Buy after the large sell-off. We still think a deal process could be underway, and the wholesaler/rebate issues should not derail this event. However, we think DEPO could be somewhat devalued by a more negative outlook on future Nucynta discounts. We lower PT to $24 from $27 based on lower Nucynta and lower sales multiples in a potential deal."
Shares of DepoMed Inc closed at $19.01 yesterday.
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