Goldman Sachs Says Buy Shire plc (SHPGY) On Recent Weakness, Keeps Top Rating

Goldman Sachs came out in defense of Shire plc (NASDAQ: SHPGY) Friday, saying the recent underperformance is unwarranted given strong fundamentals.

The firm notes Shire has underperformed peers by c.600 bp over the last week and c.1500 bp year-to-date.

"Shire's top-quartile industrial positioning drives its above sector revenue and EPS growth outlook, which we also believe is not reflected in its current valuation," the analyst said.

The firm notes the recent underperformance has been driven by skepticism associated with patent risk for Intuniv and maintenance of current status-quo for Adderall XR. They do not expect multi-source generics at least until 2014 at the earliest.

Goldman reiterated their Conviction Buy List rating.

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

Shares of Shire plc closed at $88.65 yesterday.

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