UPDATE: Goldman Sachs Raises PT to $33 on Mylan on Agila Specialties Purchase
In a report published Thursday, Goldman Sachs reiterated its Buy rating on Mylan (NYSE: MYL) and raised its price target from $32 to $33.
Goldman Sachs reported that, “MYL announced a definitive agreement to purchase Agila Specialties, a generics injectable producer from Strides Arcolab, for $1.6 bn in cash (+$250mn potential payments; expected to close 4Q13). We update estimates on the back of a strong quarter, higher than consensus guidance (even with higher R&D), and strong growth in specialty (30% yoy), but do not include this proposed deal. Longer term on top of possible synergies, we see prospects brightening with potential for generic Advair, where MYL is very well positioned. Management reiterated its $6.00 EPS target for 2018."
Mylan shares closed at $28.57 on Wednesday.
Latest Ratings for MYL
|Jul 2015||Cowen & Company||Downgrades||Outperform||Market Perform|
|Jun 2015||BTIG Research||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.