Mizuho Securities Remains Bullish Following Mallinckrodt's (MNK) Solid 2Q Beat
Mizuho Securities reiterated a Buy rating on Mallinckrodt plc (NYSE: MNK), and raised the price target to $80.00 (from $78.00), following the company's 2Q earnings report. MNK reported revenue of $918M and EPS of $2.01, vs consensus estimates of $872M and $1.73. Management raised EPS guidance to $8.15-$8.50 from $7.85-$8.30.
Analyst Irina Koffler commented, "MNK delivered a solid quarter and raised EPS guidance for the year. We think performance in 2H:FY16 should be more tempered based on mgmt's comments on the call, and are therefore not meaningfully raising our estimates. We like how MNK's cash generation provides mgmt. with significant optionality; we reiterate our Buy rating and raise our PT to $80 from $78."
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Shares of Mallinckrodt plc closed at $64.84 yesterday.