Mizuho Securities Upgrades DepoMed Inc (DEPO) to Buy
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Mizuho Securities upgraded DepoMed Inc (NASDAQ: DEPO) from Neutral to Buy with a price target of $19.00 (from $18.00), on increased takeout probability.
Analyst Irina Koffler commented, "DEPO posted unimpressive numbers in 1Q:16 and shares got dragged down with the group on Friday. We think there is now an attractive entry point into a stock with some positive momentum and takeout prospects ahead, and we upgrade DEPO to Buy from Neutral. Our PT goes to $19 from $18."
She added, "We previously assigned a 20% probability of takeout to DEPO (at $20/share), coupled with 80% reliance on a ~$17/share DCF value. We are shifting to a 50%/50% probability allocation as we progress closer to the Nucynta/ ER settlement."
Shares of DepoMed Inc closed at $15.51 yesterday.
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