Auriga Reiterates a 'Buy' on Perrigo Co. (PRGO); Recent Data Points Underscore Thesis

Auriga reiterates a 'Buy' on Perrigo Co. (NASDAQ: PRGO) price target of $125.00.

Analyst, Louise Chen, said, "We are reiterating our rating and price target for PRGO shares post two recent data points that underscore our investment thesis: 1) On 4/12/12, PRGO announced that it has initiated shipments of its ORx version of Mucinex to customers; 2) On 4/17/11, J&J (NYSE: JNJ) indicated that the full return of its suspension products has been delayed again. These are both good for PRGO because they help reduce the overhang that sales growth in PRGO's CHC business is slowing. The launch of Mucinex is already included in our forecasts for F2012, but the JNJ delay could add $17MM to $20MM of sales and $0.04 to $0.05 to our F2013 EPS estimate of $5.36 (June year-end). Full OTC launch for store brand Mucinex is expected by 6/30/12. PRGO is launching the ORx (behind the counter) version first."

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

Shares of Perrigo Co. closed at $105.68 yesterday.

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