UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Shire PLC on 2013 EPS
In a report published Wednesday, Jefferies reiterated its Buy rating on Shire PLC (NASDAQ: SHPG), but lowered its price target from $117.00 to $112.00.
Jefferies noted, “We remain 3% shy of 2013E cons. EPS and Shire's +10% YoY aim, largely on more cautious sales notably AXR. Still this doesn't detract from our thesis that significant Phase II-III pipeline news this year should boost belief in long-term organic growth prospects. Near-term R&D spend can be justified whilst SG&A leverage delivers a robust +12% 2013-16E CAGR at a minimum, supporting a re-rating from the current paltry 13x 2014E.”
Shire PLC closed on Tuesday at $95.67.
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