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UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Akorn

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In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Akorn (NASDAQ: AKRX), but slightly lowered its price target from $14.00 to $13.00.

Deutsche Bank noted, “Q3 EPS A Penny Better– Benefiting from Lower R&D, Higher Gross Margin. Akorn reported Q3 cash EPS of $0.14, a penny ahead of both our and consensus ests, primarily due to modestly lower than forecasted R&D expenses (-$1.3M) and slightly better than projected gross margin of 57.6% (+80 bp vs our est). Nonetheless, while mgt continues to execute nicely on its plan, we maintain our HOLD rating on the co's shares in part due to our below consensus EPS ests for 2013 and 2014 and a valuation (5.4x 2012 revs) which still appears too ‘rich' for consolidators.”

Akorn closed on Tuesday at $12.38.

Latest Ratings for AKRX

DateFirmActionFromTo
Nov 2014CRT CapitalUpgradesFairly ValuedBuy
Oct 2014Wallachbeth CapitalInitiates Coverage onBuy
Sep 2014RBC CapitalUpgradesSector PerformOutperform

View More Analyst Ratings for AKRX
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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