Oppenheimer Lifts Target on Questcor (QCOR) After Investor Meetings

September 18, 2012 9:15 AM EDT
Get Alerts QCOR Hot Sheet
Price: $93.60 --0%

Rating Summary:
    7 Buy, 9 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Oppenheimer boosted its price target on Outperform-rated Questcor Pharmaceuticals (NASDAQ: QCOR) from $59 to $69 following positive commentary from investor meetings.

The firm comments, "We recently hosted a non-deal road show, which included meetings with both existing and new potential QCOR investors. Overall, we believe investors are becoming more comfortable with perceived risks (competitive threats, reimbursement, etc.) for QCOR and that any additional negative reports on these topics (from investor blogs or other sources) will result in limited downside volatility. We believe this reduced volatility should make the stock more attractive to investors that may have previously been reluctant to buy shares. Following positive commentary from management, we now have higher conviction that the recently announced Medicaid rebate changes will be finalized by early 1Q13. To reflect these positive rebate changes, we increase our revenue estimates beginning in 2013 and raise our PT."

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

Shares of Questcor Pharmaceuticals closed at $50.11 yesterday.

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