Piper Jaffray Reiterates Neutral as Endo Int'l (ENDP) Announces Paul Campanelli as New CEO
- Wall St. lower as earnings from some big names disappoint
- Unusual 11 Mid-Day Movers 10/25: (CWEI) (NXTD) (EYES) Higher; (DPRX) (CRBP) (CALA) Lower (more...)
- General Motors (GM) Tops Q3 EPS by 28c
- Procter & Gamble (PG) Tops Q1 EPS by 5c
- DuPont (DD) Tops Q3 EPS by 14c; Boosts FY16 EPS Outlook; Says Continuing to Work with Regulators
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Piper Jaffray reiterated a Neutral rating and $19.00 price target on Endo International plc (NASDAQ: ENDP) following the company's announcement appointment of Paul Campanelli as CEO effective immediately. Mr. Campanelli was responsible for the 2014 acquisition of JHP Pharma, which gave Par a sizable generic injectibles business and more importantly gave the company Vasostrict and other 505(b) (2)-based injectable products in development.
Analyst David Amsellem commented, "Endo announced that the Board of Directors has named Paul Campanelli as President and CEO effective immediately. Given that the majority of revenue and EBITDA comes from the generics business, it was only logical that someone as seasoned in the generics space as Mr. Campanelli (recall that he was the CEO of Par for 3 years up until its acquisition by ENDP) would eventually lead the company. That said, we do not believe that ENDP is well positioned for sustainable value creation given the state of its balance sheet and its relative inability to de-lever significantly, and as such, we continue to believe that an aggressive approach to the divestiture of non-core assets (even if it means jettisoning Xiaflex) is warranted. We reiterate our Neutral rating and $19 PT."
Shares of Endo International plc closed at $23.39 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Endo Int'l (ENDP) CFO Upadhyay Resigns
- UBS Cuts Price Target on V.F. Corp. (VFC) to $59; Reiterates Buy
- Needham & Company Cuts Price Target on Electronics for Imaging (EFII) Following Solid 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Management Changes
Related EntitiesPiper Jaffray, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!