UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Lowers PT on Endo Health Solutions
In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating on Endo Health Solutions (NASDAQ: ENDP), but lowered its price target from $46.00 to $42.00.
Oppenheimer Holdings noted, “On 10/4, ENDP hosted an analyst day highlighting expectations for the company's various business segments and its development pipeline. Notably, ENDP expects to retain 30% of Lidoderm sales following the expected launch of WPI's generic Lidoderm in Sept. 2013. ENDP anticipates a 15% manufacturing capacity increase and double-digit revenue growth for (generic segment) from 2012 to 2015, driven by generic launches (40 ANDAs pending) and a progression to higher value generics. Additionally, we expect ENDP to achieve mid-to-high single-digit growth for its Healthtronics and AMS business segments during that same time frame. We adjust our estimates to reflect updated guidance and lower our PT to $42 (from $46) on a lower multiple.”
Endo Health Solutions closed on Thursday at $31.51.
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Tags: Oppenheimer Holdings