Market Overview

UPDATE: Citigroup Initiates Jazz Pharmaceuticals at Buy; Expecting Settlement to Remove Overhang

Share:
Related JAZZ
The Market In 5 Minutes: Trump Victory Spooks Stocks
A Peek Into The Markets: U.S. Stock Futures Tumble As Trump Wins 2016 Presidential Election

Citigroup initiated coverage on Jazz Pharmaceuticals (NASDAQ: JAZZ) with a Buy rating and a $70 price target.

Citigroup commented, "We see a high probability (~≥75%) of either a settlement or win for JAZZ around the ongoing litigation with Roxane over narcolepsy drug Xyrem. While we believe JAZZ currently has the upper hand to win the suit, a settlement would be strategic for both parties and either outcome would lift the overhang for JAZZ's valuation. A loss for JAZZ could push its valuation as far down as the low $30's, but we are establishing a $70 TP assuming a favorable outcome for JAZZ (settlement or win) and view the most probable settlement window from late Dec. `12 - Jun `13."

Jazz Pharmaceuticals closed at $51.85 on Monday.

Latest Ratings for JAZZ

DateFirmActionFromTo
Aug 2016Janney CapitalInitiates Coverage onNeutral
Aug 2016Deutsche BankMaintainsBuy
Jun 2016BMO CapitalInitiates Coverage onOutperform

View More Analyst Ratings for JAZZ
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Intraday Update Analyst Ratings

 

Related Articles (JAZZ)

View Comments and Join the Discussion!