UPDATE: Goldman Sachs Starts Akorn (AKRX) at Sell
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(Updated - December 1, 2016 10:07 AM EST)
Goldman Sachs initiated coverage on Akorn (NASDAQ: AKRX) with a Sell rating and a price target of $20.00. Analyst Stephan Stewart highlighted increasing competitive threat on the base and pipeline delays.
Stewart explained, "While the company has benefited from better than expected YTD sales in a challenging generic environment, we see eroding earnings momentum ahead, driven by increased competitive risk in the base, and delayed pipeline approvals due to ongoing FDA facility issues. While M&A potential is a source of upside risk, we see recent remediation of accounting issues and current facility challenges limiting the scope of these opportunities."
Shares of Akorn closed at $21.22 yesterday.
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