UPDATE: Northland Capital Markets Starts Mallinckrodt plc (MNK) at Outperform

(Updated - October 14, 2015 8:17 AM EDT)

Northland Capital Markets initiated coverage on Mallinckrodt plc (NYSE: MNK) with an Outperform rating and a price target of $92.00.

Analyst David Buck commented, "Mallinckrodt should be ~88% weighted to Specialty Pharmaceuticals revenues for F2016 versus ~77% for F2014. Pro forma for a divestiture, we model 63% F2015 Adjusted EPS growth to $7.25 and we model further 10% growth to $7.95 for F2016 with debut F2016 guidance of $7.70-$8.20. Our P/E target reflects just an 11x multiple up from the current depressed 8x over six-to-twelve months."

For an analyst ratings summary and ratings history on Mallinckrodt plc click here. For more ratings news on Mallinckrodt plc click here.

Shares of Mallinckrodt plc closed at $65.89 yesterday.

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