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UPDATE: Bank of America Initiates Akorn at Buy on Product, Revenue Mix

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Bank of America initiated coverage on Akorn (NASDAQ: AKRX) with a Buy rating and a $18 price objective.

Bank of America commented, "We like AKRX's mix of niche pharma products in generic injectables and ophthalmology. We also like AKRX's diverse revenue base (generic/brand, Rx/OTC), low product concentration risk (top product contributes ~13% of revenues, vs. ~36% for HITK, IPXL), and targeted ex-US operations (sales and manufacturing), which set AKRX apart vs. its small generic peers. As such, we believe the recent pullback in the shares has created an attractive entry point for investors. While our thesis is based on AKRX as an independent entity, we see the company as an attractive asset in a consolidating generic pharma environment."

Akorn closed at $12.04 on Tuesday.

Latest Ratings for AKRX

DateFirmActionFromTo
Jun 2014Goldman SachsInitiates Coverage onNeutral
Apr 2014JefferiesInitiates Coverage onBuy
Jan 2014Leerink SwannDowngradesOutperformMarket Perform

View More Analyst Ratings for AKRX
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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