UPDATE: Evercore ISI Starts Patheon Holdings (PTHN) at Buy
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(Updated - August 16, 2016 7:09 AM EDT)
Evercore ISI initiated coverage on Patheon Holdings (NYSE: PTHN) with a Buy rating and a price target of $33. Analyst Ross Muken anticipates growth.
"We are expanding our coverage of the Life Sciences Tools, & Diagnostics universe with the addition of BUY RATED Patheon (PTHN), a pharmaceutical contract manufacturing organization (CDMO) likely to yield >15% EPS growth over the medium term. Ultimately, we believe PTHN will participate as one of the key consolidators within the highly fragmented CDMO space. Our thesis centers on 1) the company’s ability to continue to grow MSD to HSD core revenue due to exposure to high growth biologics/biosimilars end market and 2) a culture of operational excellence continuing to push OMs up another 500bp despite a massive up-tick over the past few years and 3) management’s proven M&A strategy to identify key assets that will deliver additional growth and create material shareholder value," said Muken.
Shares of Patheon Holdings closed at $27.56 yesterday.
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