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Mylan (MYL) Still a Strong Buy at Needham & Company

May 3, 2013 12:21 PM EDT Send to a Friend
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Price: $46.55 -1.4%

Rating Summary:
    10 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 8 | New: 22
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Needham & Company reiterated its Strong Buy rating and $33 price target on Mylan (NASDAQ: MYL) following Q1 results which showed strong specialty sales and operating leverage offset by a weaker top-line.

Analyst Elliot Wilbur said, "Post last period’s action packed release which revealed MYL’s $1.6B pending acquisition of Agila injectable business, 1Q13 was more business as usual with little deviation from expectations and mere reiteration of guidance. Outside of pull forward of pending ANDA pipeline events; next key event is August 1 analyst day where management will provide a detailed walk through of Agila deal. In our opinion, this deal transforms MYL into a dominant force in injectable generics, accelerating its objective of doubling its current injectable platform and hitting $1.0B sales mark while substantially enhancing 2014-15 growth visibility."

He continued, "While shares have retreated ~10% from their recent high as increasing sense of “news void” over the next several months and new EpiPen competitor encouraged short-term profit taking, we believecurrent price levels afford attractive entry/upsizing point as valuation levels remain compelling relative to 3-year growth profile."

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

Shares of Mylan closed at $28.83 yesterday.




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