UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Mylan
In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Mylan (NASDAQ: MYL), and slightly raised its price target from $30.00 to $31.00.
Canaccord Genuity noted, “We held meetings in various cities pre and post the long weekend. MYL drove the most discussion, and we've taken a closer look the five most asked questions and our thoughts on each. We still like the combination of earnings upside (on reasonable expectations), highly defendable valuation and near-term catalysts supporting upside potential. After a revisit to our model and catch-up with MYL , we're raising our target to $31 on higher EPIPEN-driven EPS and reaffirming our BUY rating and positive stance on the sector. We're currently at the World Generic Medicines Congress Americas meeting where we expect to pick up additional sector data points.”
Mylan closed on Tuesday at $27.20.
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Tags: Canaccord Genuity