UPDATE: Barclays Upgrades Shire Plc to Overweight on Growth Profile
Barclays upgraded its rating on Shire PLC (NASDAQ: SHPG) from Equal-weight to Overweight on growth to key franchises.
Barclays commented, "Setbacks have turned market sentiment from optimistic to pessimistic. Yet we see growth in key franchises, combined with cost control likely to result in 10% net income growth 2013-18, whilst the stock is trading at an appealing 13.5x 2013 P/E on our estimates. Upside surprise could come as early as September if any Intuniv (ADHD pill) litigation settlement is favourable, whilst there is plenty of upside potential in the pipeline. On grounds of defensive growth at a reasonable price and surprise potential, Shire seems appealing relative to AZN and GSK in the UK and to Novo Nordisk in Europe."
Shire Plc closed at $94.03 on Tuesday.
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