UPDATE: UBS Downgrades Perrigo Co. (PRGO) to Neutral; Valuation Too Expensive
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Price: $13.04 +1.64%
Rating Summary:
12 Buy, 14 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 14 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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(Updated - July 20, 2012 12:39 PM EDT)
UBS downgraded Perrigo Co. (NASDAQ: PRGO) from Buy to Neutral. PT unchanges at $120.
Analyst, Ami Fadia, said, "Perrigo has had a nice run over the past few months as management continued to execute on the business and investors gravitated towards it given the defensive nature of the store brand industry. The current price reflects a >21x P/E multiple on F2013E consensus of $5.42 to which we see limited near-term upside. Separately, we are raising the F2013E tax rate from 29% to 3.0%, which net of other minor adjustments lowered our EPS estimate by $0.03."
Fadia believes the cold and flu season should be better for the company this year, but doesn't expect any big new product launches. Overall, PRGO is still a core defensive healthcare name, but not buying at current levels. FY13 EPS estimate lowered from $5.45 to $5.42.
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 $114.76 yesterday.
UBS downgraded Perrigo Co. (NASDAQ: PRGO) from Buy to Neutral. PT unchanges at $120.
Analyst, Ami Fadia, said, "Perrigo has had a nice run over the past few months as management continued to execute on the business and investors gravitated towards it given the defensive nature of the store brand industry. The current price reflects a >21x P/E multiple on F2013E consensus of $5.42 to which we see limited near-term upside. Separately, we are raising the F2013E tax rate from 29% to 3.0%, which net of other minor adjustments lowered our EPS estimate by $0.03."
Fadia believes the cold and flu season should be better for the company this year, but doesn't expect any big new product launches. Overall, PRGO is still a core defensive healthcare name, but not buying at current levels. FY13 EPS estimate lowered from $5.45 to $5.42.
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 $114.76 yesterday.
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