Wells Fargo Downgrades Warner Chilcott (WCRX) to Market Perform

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Wells Fargo downgraded Warner Chilcott (NASDAQ: WCRX) from Outperform to Market Perform with a price target of $17.00 (from $23.00).

Analysts at Wells Fargo, led by Michael Tong, said "WCRX announced a leveraged recap, special ($4.00) and regular ($0.50) dividends, and renewal of share repurchase program. The announcement will likely disappoint investors looking for a sale of the company or a transformative acquisition. In our view, the additional debt and ongoing dividend payments will limit WCRX's ability to acquire much needed growth assets."

For an analyst ratings summary and ratings history on Warner Chilcott click here. For more ratings news on Warner Chilcott click here.

Shares of Warner Chilcott closed at $17.77 yesterday, with a 52 week range of $12.90-$23.28.

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