Canaccord Genuity Upgrades Mallinckrodt plc (MNK) to Buy

(Updated - November 19, 2018 7:46 AM EST)

(updated to add analyst comment)

Canaccord Genuity analyst Dewey Steadman upgraded Mallinckrodt plc (NYSE: MNK) from Hold to Buy with a price target of $40.00 (from $34.00).

The analyst comments "We recently had the opportunity to take Mallinckrodt CEO Mark Trudeau, COO Frank Scholz and IRO Dan Speciale to meet investors and came away from the meetings largely positive on the company’s NT prospects as management continues to execute with the core business and sets the Acthar franchise up for potential stability and, dare we say *growth*, moving forward. Based on our conversations through the day, our revised modeling assumptions around the Ofirmev LOE and management execution over the past several quarters, we’re moving to BUY on MNK shares with a DCF-driven $40 PT."

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

Shares of Mallinckrodt plc closed at $30.86 yesterday.

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