Canaccord Genuity Reiterates a 'Buy' on Watson Pharmaceuticals (WPI); Raising Numbers on Actavis Deal
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Price: $85.73 --0%
Rating Summary:
13 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Watson Pharmaceuticals (NYSE: WPI) price target raised to $90.00.
Analyst, Randall Stanicky, said, "Watson announced plans to acquire Actavis consistent with the steady stream of press reports that had Street focus on accretion potential. While we anticipated upside to our pro forma EPS per our note earlier this week, the magnitude is well above what we expected. Guidance of “30% accretion in 2013” will get early focus as it outpaces the +19% stock move on deal anticipation, but the real story here is the boosted multi-year growth, diversified footprint and additional synergy potential into and beyond 2015 that we think leaves room for upside...Our new 2013-15E EPS are $8.03, $9.59 and $10.47 implying 32%, 43% and 57% in non-GAAP accretion (~ 20% above our prior forecasts – 2015 is new). We’ve left room for further tax savings and synergies."
For an analyst ratings summary and ratings history on Watson Pharmaceuticals click here. For more ratings news on Watson Pharmaceuticals click here.
Shares of Watson Pharmaceuticals closed at $69.69 yesterday.
Analyst, Randall Stanicky, said, "Watson announced plans to acquire Actavis consistent with the steady stream of press reports that had Street focus on accretion potential. While we anticipated upside to our pro forma EPS per our note earlier this week, the magnitude is well above what we expected. Guidance of “30% accretion in 2013” will get early focus as it outpaces the +19% stock move on deal anticipation, but the real story here is the boosted multi-year growth, diversified footprint and additional synergy potential into and beyond 2015 that we think leaves room for upside...Our new 2013-15E EPS are $8.03, $9.59 and $10.47 implying 32%, 43% and 57% in non-GAAP accretion (~ 20% above our prior forecasts – 2015 is new). We’ve left room for further tax savings and synergies."
For an analyst ratings summary and ratings history on Watson Pharmaceuticals click here. For more ratings news on Watson Pharmaceuticals click here.
Shares of Watson Pharmaceuticals closed at $69.69 yesterday.
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