Perrigo (PRGO) Cuts Guidance...Again - Jefferies
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Jefferies analyst, David Steinberg, reiterated his Hold rating on shares of Perrigo Co. (NYSE: PRGO) but cut his price target to $84.00 (from $97.00) after management sharply cut guidance for the 2nd time this year. EPS is now expected to be in the range of $6.85-7.15 vs $8.20-8.60 following the Q1 earnings preannouncement. PRGO’s forecast for 2016 is now down a whopping 28% from initial expectations in Feb. The two culprits once again were Europe & Generics due to further expected price erosion. While the outlook for the CHC business appears to be improving, he trims his PT to $84 (vs $97) and await signs of stabilization.
Shares of Perrigo Co. closed at $86.00 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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