Citigroup Downgrades King Pharmaceuticals (KG) to Sell
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Citigroup downgrades King Pharmaceuticals (NYSE: KG) from Hold to Sell. Price target lowered from $21 to $16.
Citigroup analyst says, "Our thesis remains that King is likely to face declining earnings over the
medium term. Trends for the current business have been modestly stronger than expected, but declines will be driven by patent expiries yet to occur. Key products Altace and Skelaxin are likely to face generic competition before King's pipeline reaches the market, creating a sizable revenue gap. We believe King will lose operating leverage and suffer an even more pronounced earnings gap, as we see little room for cost cuts beyond reduced amortization charges."
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