Piper Jaffray Cuts Price Target on Jazz Pharmaceuticals (JAZZ) to $178 Following Mixed 2Q
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Piper Jaffray maintained an Overweight rating on Jazz Pharmaceuticals (NASDAQ: JAZZ), and cut the price target to $178.00 (from $188.00), following the company's 2Q earnings report. JAZZ reported a non-GAAP EPS of $2.63 compared to Street estimates of $2.78. Revenues of $381M, compared to Street estimates of $376M.
Analyst David Amsellem commented, "Jazz reported 2Q16 non-GAAP EPS of $2.63 on revenue of $381M, compared to Street estimates of $2.78 and $376M, respectively. EPS did reflect a change to how Jazz records its non-GAAP income tax provision (adjusted EPS was $2.82 under the prior methodology). Notably, JAZZ adjusted its revenue guidance range to $1.485B-$1.53B, down from $1.49B-$1.55B, mainly due to continued supply chain issues associated with Erwinaze. Those challenges aside, our views regarding the longer-term growth trajectory of earnings/cash flows have not changed, and we continue to believe that visibility on a long-term (2017-2022) EPS CAGR at least in the mid teens is realistic. This translates into an attractive risk/reward profile in the context of a PF 2017 P/E and EV/EBITDA of 14x and 11x, respectively. We reiterate our Overweight rating and are lowering our PT to $178 from $188 (see below for more details)."
Shares of Jazz Pharmaceuticals closed at $150.01 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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