UPDATE: Jefferies Upgrades Shire to Buy on Entry Opportunity, Pipeline Outlook
Jefferies raised its rating on Shire (NASDAQ: SHPG) from Hold to Buy and increased its price target from $100 to $117.
Jefferies commented, "We upgrade to Buy as pipeline news is warming-up and there are fewer uncertainties for the important ADHD franchise, after a challenging YTD for the stock down c.20% (-33% vs sector DRG). Robust +13% 2013-16E EPS CAGR justifies a 15% premium to peers, versus the currently depressed 10% discount and 20% haircut to its own historic forward PE. Heightened confidence in the mid-term growth trajectory should trigger a re-rating, in our view."
Shire closed at $87.27 on Wednesday.
Latest Ratings for SHPG
|Mar 2015||Bernstein||Upgrades||Market Perform||Outperform|
|Mar 2015||Leerink Swann||Maintains||Market Perform|
|Feb 2015||JP Morgan||Maintains||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.