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UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Mylan

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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.

Latest Ratings for MYL

DateFirmActionFromTo
Jul 2015Cowen & CompanyDowngradesOutperformMarket Perform
Jun 2015BTIG ResearchInitiates Coverage onBuy
Jun 2015CitigroupMaintainsNeutral

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