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Needham & Company Maintains a 'Strong Buy' on Par Pharmaceutical (PRX); 3Q11 Meets Expectations as Key Products Continue Strong Pace

November 3, 2011 8:10 AM EDT
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Price: $49.98 --0%

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Needham & Company maintains a 'Strong Buy' on Par Pharmaceutical (NYSE: PRX) price target raised $3 to $41.00.

Needham analyst says, "A strong performance from key generics allowed PRX to post 3Q11 numbers that outpaced and met expectations for the top- and bottomline, respectively. Given that the strength of key generic products is not expected to subside in short-term and the recent launch of generic olanzapine ODT (Zyprexa Zydis), near-term visibility on numbers remains high. Taking a longer-term view, the recent acquisition of Anchen Pharmaceuticals and the divested Teva-Cephalon products has not only upgraded the manufacturing and development capabilities of PRX but strengthened the product pipeline and added significant visibility to 2012 EPS and beyond. We continue to believe that the current valuation combined with the continuing strength in key generics, the resurgent branded business and the recent transactions provides a case where the upside potential outweighs the downside risk."

For more ratings news on Par Pharmaceutical click here and for the rating history of Par Pharmaceutical click here.

Shares of Par Pharmaceutical closed at $29.72 yesterday.


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