Piper Jaffray Reiterates Neutral as Endo Int'l (ENDP) Announces Paul Campanelli as New CEO
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk 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
- Stocks with increasing put volume on January 11: TUR QEP GNTX WOR
- Wedbush Upgrades Tractor Supply Company (TSCO) to Outperform; Signs of Inflection
- Wedbush Raises Price Target on Columbia Sportswear (COLM) to $72; Reiterates Outperform
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!