UPDATE: Stifel Nicolaus Cuts PT to $26.50 on Endo Health Solutions on Lower Guidance
Stifel Nicolaus reiterated its Buy rating on Endo Health Solutions (NASDAQ: ENDP) but reduced its price target from $40 to $38.
Stifel Nicolaus commented, "As hoped for, Endo finally put forth what we consider realistic guidance following several over-promises in 2012 that culminated in December's guidance pull and a CEO change by May 2013. … Though guidance is lower than our already modest expectations, we favor this conservative outlook on the year, and look for potential strategic shift with the upcoming CEO change. We are reducing our estimates (2013 $4.50, 2014 trough $4.00) and lowering our target price from $40 to $38 to reflect new guidance."
Endo Health Solutions closed at $26.25 on Thursday.
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Tags: Stifel Nicolaus