UPDATE: Bank of America Raises PO on Mylan to $27
Bank of America reiterates its Buy rating for Mylan Inc. (NASDAQ: MYL), while raising its price objective from $26 to $27.
Bank of America writes, "Specifically, we like MYL's continued solid execution, exposure to fewer product “cliffs” (generic and brand; EpiPen settlement adds certainty to brands), and that MYL appears to be weathering ex-US pricing pressure better than some of its competitors (company cited no growth, but increasing margins in Europe on its 1Q call). Separately, we note that a settlement with Endo on MYL's generic Lidoderm challenge (first-filer WPI recently settled; ENDP appears open to dialog with MYL) could present upside to our MYL estimates."
Mylan Inc. closed at $21.39 yesterday.
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