Wachovia Upgrades King Pharmaceuticals (KG) to Outperform
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Wachovia upgrades King Pharmaceuticals, Inc. (NYSE: KG) from Market Perform to Outperform. $9-$10 valuation range.
Wachovia analyst says, "KG’s emerging pipeline of abuse-deterrent opioids could overcome the top line pressure stemming from generic entry of Skelaxin and competition to its Thrombin-JMI business. In our view, the current valuation reflects generic Skelaxin and Thrombin-JMI competitive risks, but not the potential of the abuse-deterrent opioid platform. We see favorable risk/reward profile on KG shares over the next 6-12 months...Near-term approval of Embeda and Acurox could result in multiple expansion for KG."
King Pharmaceuticals, Inc. is a vertically integrated pharmaceutical company that performs basic research and develops, manufactures, markets and sells branded prescription pharmaceutical products.
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