RBC Affirms Concordia (CXRX) at 'Outperform' as Q2 Profit Meets Lowered Expectations
- Wall St. reverses course as discretionary, industrials weigh
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Qualcomm (QCOM) to Acquire NXP Semi (NXPI) in $47B Deal
- Tesla (TSLA) Posts Q3 adj.-EPS of 71c
- Pre-Open Stock Movers 10/27: (PRQR) (OCN) (TWTR) Higher; (CYH) (GNC) (RNWK) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
RBC Capital is out with initial commentary on Concordia International (Nasdaq: CXRX) following Q2 results and other matters announced earlier. The firm rates CXRX at Outperform wth a price target of $33.
Analyst Douglas Miehm commented,
CXRX's Q2 results, which faced lower expectations from the street, were in-line with consensus. In our view, the results were slightly above our expectations but we anticipate the focus will be on the revised guidance as the company lowered its 2016 guidance below the street's revised expectations. We also note that EVP & Board Member Ed Borkowski will replace Adrian de Saldanha as CFO of Concordia. Mr. Borkowski has held CFO roles at Amerigen Pharmaceuticals and Mylan and we view his appointment positively.
Management lowered its 2016 guidance from $1.02-1.06B to $859-888MM in revenue (consensus $944MM). Adj. EBITDA guidance was also lowered from $610-640MM to $510-540MM (consensus $579MM). Prior guidance was based on 1.53x GBP/USD exchange rate and current guidance is based on 1.31x GBP/USD exchange rate. Guidance was lowered to reflect competitive pressure in Donnatal and Plaquenil, genericization of Nilandron, and FX impact.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rosenblatt Upgrades NETGEAR (NTGR) to Buy
- UPDATE: Stifel Upgrades Highwoods Properties Inc. (HIW) to Buy
- Needham & Company Reiterates Buy on TTM Technologies (TTMI) Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesRBC Capital
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!