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

Canaccord Genuity maintained Perrigo Company

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.