Oppenheimer Maintains an 'Outperform' on Questcor Pharmaceuticals (QCOR); Share Buyback A Positive
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Price: $93.60 --0%
Rating Summary:
5 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer maintains an 'Outperform' on Questcor Pharmaceuticals (NASDAQ: QCOR) price target of $53.00.
Oppenheimer analyst said, "At an investor conference earlier in the week, QCOR CEO Don Bailey stated that Questcor has recently (last week) started to repurchase shares of QCOR in the open market. In our view, these share repurchases are a clear indication the company believes its shares are undervalued. Additionally, we believe the repurchase of shares should further dispel the notion that any unsubstantiated negative event is looming in regards to Acthar' price, efficacy in certain on-label indications, market opportunity and/or overly aggressive sales-rep selling tactics. Should all of the 4.3M shares be repurchased in 2012, we estimate a ~$0.07 boost to our 2012 estimate. We believe QCOR's continued significant FCF generation will provide flexibility to repurchase additional shares in 2013 and onward."
For an analyst ratings summary and ratings history on Questcor Pharmaceuticals click here. For more ratings news on Questcor Pharmaceuticals click here.
Shares of Questcor Pharmaceuticals closed at $35.83 yesterday.
Oppenheimer analyst said, "At an investor conference earlier in the week, QCOR CEO Don Bailey stated that Questcor has recently (last week) started to repurchase shares of QCOR in the open market. In our view, these share repurchases are a clear indication the company believes its shares are undervalued. Additionally, we believe the repurchase of shares should further dispel the notion that any unsubstantiated negative event is looming in regards to Acthar' price, efficacy in certain on-label indications, market opportunity and/or overly aggressive sales-rep selling tactics. Should all of the 4.3M shares be repurchased in 2012, we estimate a ~$0.07 boost to our 2012 estimate. We believe QCOR's continued significant FCF generation will provide flexibility to repurchase additional shares in 2013 and onward."
For an analyst ratings summary and ratings history on Questcor Pharmaceuticals click here. For more ratings news on Questcor Pharmaceuticals click here.
Shares of Questcor Pharmaceuticals closed at $35.83 yesterday.
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