Piper Jaffray Remains Sidelined on Allergan (AGN) Following Mixed 2Q
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Piper Jaffray maintained a Neutral rating on Allergen (NYSE: AGN), and cut the price target to $227.00 (from $236.00), following the company's 2Q earnings report. AGN reported non-GAAP diluted EPS of $3.35 on revenue of $3.68B, compared to Street estimates of $3.33 and $3.97B, respectively.
Analyst David Amsellem commented, "Allergan reported 2Q16 non-GAAP diluted EPS of $3.35 on revenue of $3.68B, compared to Street estimates of $3.33 and $3.97B, respectively. The growth trajectory for key topline drivers, namely Botox, Linzess and Restasis, continues to be impressive. That said, we continue to view AGN’s commercial portfolio as a mixed bag (i.e., significant exposure to mature/declining assets beyond new launches and AGN’s top 4-5 sellers). We believe that AGN shares, at a 2017 P/E of 14x our estimate, already reflect significant contribution from new launches and that at current levels, AGN will need to execute on the pipeline as well as acquisitions/in-licensings in order to drive significant value creation (i.e., providing more visibility on a double-digit long-term EPS CAGR). We reiterate our Neutral rating and are slightly lowering our PT to $227 from $236 (owing to modest estimate revisions and unchanged 13x target multiple)."
Shares of Allergen closed at $248.31 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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