Pfizer and Allergan Issue Statement
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BMO Capital Reiterates Outperform on Pfizer (PFE) Following Allergan Merger Termination
April 6, 2016 10:42 AM EDTBMO Capital reiterated an Outperform rating and $39.00 price target on Pfizer (NYSE: PFE) following the company's announcement the merger agreement with Allergan plc was terminated. BMO believes that Pfizer will likely look for more deals to strengthen its innovative business, and the recent weakness... More
Leerink Partners Cuts Price Target on Allergan (AGN) Following New U.S. Treasury Regulations
April 6, 2016 7:13 AM EDTLeerink Partners maintained an Outperform rating on Allergen (NYSE: AGN), and cut the price target to $272.00 (from $340.00), following new U.S. Treasury regulations. The Treasury's temporary regulation regarding new tax inversion rules creates a risk to PFE (MP) - AGN closing.
Analyst Jason Gerberry... More
Allergen's (AGN) Stand-Alone Price Target is $282 at Deutsche Bank
April 5, 2016 3:45 PM EDTDeutsche Bank analsyt Gregg Gilbert said his stand-alone price target for Allergen (NYSE: AGN) is $282. Comments follow reports its deal with Pfizer (NYSE: PFE) could be in jeopardy given the U.S. Treasury's changes targeting tax inversions.
"Recall that we have been using a deal-driven price target... More
Buy Allergen (AGN) at $220 Regardless of Deal Outcome - Leerink
April 5, 2016 8:54 AM EDTLeerink Partners analyst, Jason Gerberry, weighed in on the PFE-AGN and recommends buying shares of Allergen (NYSE: AGN) at the $220 level, where they are currently trading premarket regardless of the outcome of the deal. No change to Outperform rating or $340 price target.
The US Treasury update takes direct aim at the PFE-AGN deal and includes provisions that threaten the inversion status of the deal.... More
New Treasury Action Could Block, or Significantly Change Pfizer (PFE)/Allergan (AGN) Deal - BMO Capital
April 5, 2016 6:53 AM EDTBMO Capital analyst Alex Arfaei weighed in on Pfizer (NYSE: PFE) after the U.S. Treasury and the IRS issued temporary and proposed regulations to further reduce the benefits of and limit the number of corporate tax inversions.
"We believe that the most relevant proposal for the PFE + AGN merger is the action to 'limit inversions by disregarding foreign parent stock attributable to recent inversions or acquisitions of U.S. companies.'," the analyst said. "For the purposes of computing the ownership percentage when determining if an acquisition is treated as an... More
Allergen (AGN) Trading Below Standalone Value Following New Treasury Action - RBC
April 5, 2016 6:42 AM EDTRBC Capital analyst Randall Stanicky weighed in on Allergen (NYSE: AGN) after Treasury issued aggressive new inversion regulations and proposed earnings stripping.
Stanicky said the main focus is on the regulation aimed at targeting companies that avoid section 7874 by acquiring companies over a short period of time (in this case three years) so that foreign stock related to purchases of American companies would be excluded from the ownership calculation when determining how deals would be treated for deals. He said earnings stripping is less of a surprise and has been... More
