Needham & Company Downgrades Endo Pharmaceuticals Holdings Inc (ENDP) to Underperform
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Price: $39.30 +1.34%
Rating Summary:
8 Buy, 9 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
8 Buy, 9 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade ENDP Now!
Needham & Company downgraded Endo Pharmaceuticals Holdings Inc (NASDAQ: ENDP) from Hold to Underperform.
The firm comments, "We are lowering our rating on shares of Endo Health Solutions to Underperform from Hold. While shares’ current oversold condition (in our view) and existence of likely multi-year downside support at the $26 level imply possible near-term bounce, we believe continued deterioration in core franchises, execution missteps and underwhelming operating performance in acquired non-pharma segments, combined with growing threat to Opana ER from generic entry in early 2013, create downside risk scenarios far greater than currently reflected in ENDP’s admittedly depressed valuation. We find little reason why the stock could appreciate meaningfully higher outside of a low probability strategic event, with numerous potential downside scenarios creating price risk to the $20 level in our view."
For an analyst ratings summary and ratings history on Endo Pharmaceuticals Holdings Inc click here. For more ratings news on Endo Pharmaceuticals Holdings Inc click here.
Shares of Endo Pharmaceuticals Holdings Inc closed at $26.65 yesterday, with a 52 week range of $25.71-$39.29.
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The firm comments, "We are lowering our rating on shares of Endo Health Solutions to Underperform from Hold. While shares’ current oversold condition (in our view) and existence of likely multi-year downside support at the $26 level imply possible near-term bounce, we believe continued deterioration in core franchises, execution missteps and underwhelming operating performance in acquired non-pharma segments, combined with growing threat to Opana ER from generic entry in early 2013, create downside risk scenarios far greater than currently reflected in ENDP’s admittedly depressed valuation. We find little reason why the stock could appreciate meaningfully higher outside of a low probability strategic event, with numerous potential downside scenarios creating price risk to the $20 level in our view."
For an analyst ratings summary and ratings history on Endo Pharmaceuticals Holdings Inc click here. For more ratings news on Endo Pharmaceuticals Holdings Inc click here.
Shares of Endo Pharmaceuticals Holdings Inc closed at $26.65 yesterday, with a 52 week range of $25.71-$39.29.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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