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UPDATE: Canaccord Genuity Reiterates Perrigo Company at Buy on Launch of Generic Mucinex

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Canaccord Genuity maintained Perrigo Company (NASDAQ: PRGO) at Buy with a $128.00 price target.

Canaccord Genuity analyst Randall Stanicky commented, "Perrigo announced this morning the launch of its generic Mucinex 600mg ER tablets ($135M LTM brand sales). Although timing was as expected, we see the launch as a positive for the stock given the prior delay caused by validation issues and what should equate to a ~$40M annual revenue opportunity, or about ~$0.10 to EPS on a full-year basis with what is more incremental benefit anticipated for the March quarter (which we already expect to be strong). […] Trading at ~18.3x NTM P/E, we have yet to see the valuation mean revert, offering room for further multiple expansion."

Perrigo Company closed at $115.98 on Friday.

Latest Ratings for PRGO

DateFirmActionFromTo
Jun 2015BMO CapitalInitiates Coverage onOutperform
Jun 2015BTIG ResearchInitiates Coverage onBuy
Jun 2015Raymond JamesInitiates Coverage onMarket Perform

View More Analyst Ratings for PRGO
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Reiteration Analyst Ratings

 

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