UPDATE: UBS Upgrades Mallinckrodt (MNK) to Buy
Get Alerts MNK Hot Sheet
Rating Summary:
6 Buy, 14 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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UBS upgraded Mallinckrodt (NYSE: MNK) from Sell to Buy with a price target of $84.00 (from $43.00).
Analyst Marc Goodman said, "(1) We were wrong on our sell thesis. Mgt has been more aggressive with M&A than we thought and is fully prepared to remain a player in the consolidating specialty pharma sector. (2) The base business is more resilient than we thought because of opportunistic price increases in the generics portfolio and aggressive cost cutting in the Medical Imaging division. (3) Expectations have diminished for the new opioid products, and so our view that is more bearish than that of mgt is well understood. (4) We still think mgt overpaid for Cadence, but the reality is that even if we are right we won’t know it for at least a year or so, and the Questcor deal changes everything. The strong free cash flows from Questcor in our view outweigh our other issues."
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 $64.23 yesterday.
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