UPDATE: Canaccord Genuity Upgrades Perrigo Company to Buy on Valuation, Upside Catalysts

Canaccord Genuity upgraded Perrigo Company

from Hold to Buy and raised the price target from $125.00 to $128.00. Canaccord Genuity noted, "The set-up benefits from a combination of (1) anticipated earnings upside that we still think the Street is discounting; (2) a solid catalyst path, which we didn't have in H2/12; (3) the lowest valuation since 2010, which has historically been the biggest hurdle to own; and (4) generally negative Street sentiment, with over half of Street ratings the equivalent of a Hold or Sell. We're raising our EPS estimates through 2016 and increasing our target to $128." Perrigo Company closed at $105.28 on Friday.