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Leerink Swann Upgrades Mylan (MYL) to Outperform

November 16, 2012 10:02 AM EST Send to a Friend
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Price: $51.90 -0.84%

Rating Summary:
    12 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 25 | New: 18
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Leerink Swann upgraded Mylan (NASDAQ: MYL) from Market Perform to Outperform with a price target of $30.00 (from $26.00).

The firm comments, "We are upgrading MYL to Outperform from Market Perform based on our increasing confidence for 3 key value drivers: (1) potential for sustained EpiPen sales beyond 2015 based on feedback from two MEDACorp regulatory specialists; (2) considerable financial flexibility to execute highly accretive M&A transaction(s); and (3) 2013 guidance that looks achievable & EPS upside vs. Street in 2014-15. Low visibility on US generics in 2013 remains a slight overhang but manageable in our view. We increase our EpiPen estimates, and our new valuation of $30/share (from $26) is based on our ’13E P/E multiple going to 11x (from 9.5x), supported by our DCF valuation."

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

Shares of Mylan closed at $25.50 yesterday.




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