RBC Capital Cuts PT on Concordia Int'l (CXRX) to $27 Following Q2 REsults
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RBC Capital lowers its price target on Outperform-rated Concordia International (Nasdaq: CXRX) from $33 down to $27 following Q2 results last week.
The firm commented,
Although we had recently revised our forecasts to reflect FX impact post-Brexit and weakness in the U.S. legacy business, our revisions were not significant enough and Concordia lowered its guidance beyond the Street's expectations. We believe the weakness Friday was overdone and would be buyers, as the shares now trade at a significant discount to peers (~30% '17E EV/EBITDA discount).
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