Canaccord Genuity Downgrades Medicis (MRX) to Hold; Fewer Drivers
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Price: $71.06 -1.8%
Rating Summary:
10 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity downgraded Medicis (NYSE: MRX) from Buy to Hold, price target lowered from $38 to $36.
Canaccord analyst, Randall Stanicky, said, "Our thesis on MRX has not played out as SOLODYN has clearly seen volatility as the drive for managed care coverage plays out, and our take-out thesis has been pushed out – though not eliminated. We don’t see any meaningful downside and still see valuation support on what is an inexpensive asset base, but we struggle to find any meaningful catalysts or drivers of upside to numbers."
"Our view from here is dictated by the following: (1) near-term earnings volatility likely to remain on lower visibility; (2) fewer 2012 catalysts at this point; (3) take-out thesis pushed out but still relevant; and (4) attractive asset base likely to protect any big downside moves. We make no change to our EPS estimates but lower our price target to $36."
For an analyst ratings summary and ratings history on Medicis click here. For more ratings news on Medicis click here.
Shares of Medicis closed at $32.80 yesterday.
Canaccord analyst, Randall Stanicky, said, "Our thesis on MRX has not played out as SOLODYN has clearly seen volatility as the drive for managed care coverage plays out, and our take-out thesis has been pushed out – though not eliminated. We don’t see any meaningful downside and still see valuation support on what is an inexpensive asset base, but we struggle to find any meaningful catalysts or drivers of upside to numbers."
"Our view from here is dictated by the following: (1) near-term earnings volatility likely to remain on lower visibility; (2) fewer 2012 catalysts at this point; (3) take-out thesis pushed out but still relevant; and (4) attractive asset base likely to protect any big downside moves. We make no change to our EPS estimates but lower our price target to $36."
For an analyst ratings summary and ratings history on Medicis click here. For more ratings news on Medicis click here.
Shares of Medicis closed at $32.80 yesterday.
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