Leerink Partners Upgrades Alere (ALR) to Outperform

Leerink Partners upgraded Alere (NYSE: ALR) from Market Perform to Outperform with a price target of $56.00.

Analyst Dan Leonard commented, "We are upgrading ALR shares from Market Perform to Outperform with a view that Abbott (ABT, MP) will consummate its proposed acquisition at $56 per share, which represents >30% absolute upside from ALR’s current share price and a >50% IRR if the deal closes by year-end 2016, as expected. If the deal breaks, we see downside to $37, which represents both our standalone valuation (11x multiple on 2016e EBITDA) and ALR's pre-deal stock price."

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

Shares of Alere closed at $42.87 yesterday.

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