Needham & Company Maintains a 'Strong Buy' on Mylan (MYL); Brushing Off Generic Copaxone Loss
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Price: $15.86 --0%
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Strong Buy' on Mylan (NASDAQ: MYL) price target of $33.00.
Analyst, Elliot Wilbur, said, "MYL reaffirmed 2012-2013 EPS guidance of $2.45-$2.55 and $2.75 respectively post receipt of an unfavorable decision in litigation surrounding its generic version of Copaxone, filed in conjunction wth partner Natco. Given that generic Copaxone was unlikely to emerge over this horizon anyway, reaffirmation of existing 2012-2013 estimates is being greeted as it should be−a relative non-event. The bigger question is how critical was the launch of a generic formulation of Copaxone to MYL’s post 2013 outlook which assumes double digit bottom line growth with EPS reaching $6.00 in 2018. Generic Copaxone has certainly been flagged many times by management as a key expected long-term growth driver though in our view, for a multitude of reasons, Street expectations that MYL would ever emerge as a successful generic Copaxone player were modest at best."
After reaffirmed outlook, Needham raises FY12 EPS estimate from $2.38 to $2.42 and FY13 from $273 to $2.79.
For an analyst ratings summary and ratings history on Mylan click here. For more ratings news on Mylan click here.
Shares of Mylan closed at $20.80 yesterday.
Analyst, Elliot Wilbur, said, "MYL reaffirmed 2012-2013 EPS guidance of $2.45-$2.55 and $2.75 respectively post receipt of an unfavorable decision in litigation surrounding its generic version of Copaxone, filed in conjunction wth partner Natco. Given that generic Copaxone was unlikely to emerge over this horizon anyway, reaffirmation of existing 2012-2013 estimates is being greeted as it should be−a relative non-event. The bigger question is how critical was the launch of a generic formulation of Copaxone to MYL’s post 2013 outlook which assumes double digit bottom line growth with EPS reaching $6.00 in 2018. Generic Copaxone has certainly been flagged many times by management as a key expected long-term growth driver though in our view, for a multitude of reasons, Street expectations that MYL would ever emerge as a successful generic Copaxone player were modest at best."
After reaffirmed outlook, Needham raises FY12 EPS estimate from $2.38 to $2.42 and FY13 from $273 to $2.79.
For an analyst ratings summary and ratings history on Mylan click here. For more ratings news on Mylan click here.
Shares of Mylan closed at $20.80 yesterday.
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