Piper Jaffray Remains Bullish on Horizon Pharma (HZNP) Following 'Strong' Q2, PT Trimmed to $33
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Piper Jaffray analyst David Amsellem reiterated an Overweight rating on Horizon Pharma (NASDAQ: HZNP) but trimmed his price target to $33.00 (from $34.00) following "strong" Q2 results. The firm is remaining bullish on the name.
Amsellem commented, "Horizon reported 2Q16 non-GAAP diluted EPS of $0.56 on revenue of $257M, compared to Street estimates of $0.50 and $235M, respectively. Notably, sales from the primary care segment grew by 33% over 2Q15 and by 36% over 1Q16. Even with the recent strength in the shares, we continue to believe that the risk/reward profile for HZNP is attractive at a P/E of 8x our 2017 estimate of $2.66, in the context of strong visibility on a long-term EPS CAGR (2017+) at least in the mid-teens (and this does not reflect any contribution from Actimmune in Friedreich’s ataxia (FA)). We reiterate our Overweight rating and are slightly adjusting our PT to $33 from $34."
Shares of Horizon Pharma closed at $20.10 yesterday.
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