Citi Initiates Coverage on Schering-Plough (SGP) with a Neutral
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Citi initiates coverage on Schering-Plough (NYSE: SGP) with a Neutral. Price target $23.
Citi analyst says, "U.S. cholesterol JV growth (>65% of SGP's pretax income; -21%/ +37% US/ex-US growth projected in ‘08) and potential for negative data from Phase IV studies (SEAS/SHARP/IMPROVE-IT) are overhangs...We derive our $23 price target by assuming SGP trades at a premium to the group multiple of ~11x on our ‘09E EPS of $1.74 due to its favorable growth outlook, limited generic risk, op. leverage & pipeline vs. its peers."
Schering-Plough Corporation (Schering-Plough) is a global science-based healthcare company with prescription, consumer and animal health products. Through internal research and collaborations with business partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies.
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