Collins Stewart Says to Buy Perrigo on Weakness

Collins Stewart has published a research report on Perrigo

saying that the company should be bought on weakness. In the report, Collins Stewart writes, "PRGO already knew about the 14 week quarter (versus 13 week quarter in F2011) when the company provided its F2012 guidance (see PRGO's 10-K for more details). Therefore, management did not add an extra week to beat consensus expectations. We view any weakness related to concerns regarding the 14 week quarter as a buying opportunity for PRGO shares. Upcoming launches of Mucinex, Prevacid, Delsym, Allegra D12 and business development will drive upwards earnings revisions and stock price appreciation, in our view." Collins Stewart maintains its Buy rating and $117 price target on Perrigo, which is currently trading down $2.25 from yesterday's $95.26 closing price.