Piper Jaffray Raises Price Target on Endo Int'l (ENDP) Leading up to Par Pharma Acquisition

Piper Jaffray reiterates an Overweight rating on Endo International plc (NASDAQ: ENDP), and raised the price target to $117.00 (from $110.00), leading up to the Par Pharmaceuticals acquisition. Endo plans on Acquiring Par for $8B.

Piper Jaffray analyst David Amsellem commented on Endo, saying, "Endo is dramatically expanding its generics footprint with plans to acquire Par Pharmaceuticals for approximately $8B. Though the transaction will not be immediately accretive (ENDP is guiding to double-digit EPS accretion in 2016), and though the pro forma (PF) product mix will now be more weighted towards lower margin generics (relative to brands), we do not believe P/E contraction is warranted. This is bearing in mind that Par has a deep abbreviated NDA (aNDA) pipeline (115 pending filings), with a significant focus on more complex dosage forms. The Par purchase adds further visibility to a long-term EPS CAGR for ENDP that we already thought would be in the high-teens. We reiterate our Overweight rating and are raising our PT to $117 from $110 (based on our new PF estimates)."

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

Shares of Endo International plc closed at $80.77 yesterday.

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