UPDATE: Jefferies Lowers PT on Endo Pharmaceuticals Following FDA Decision

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In a report published Monday, Jefferies analyst Corey Davis reiterated a Buy rating on Endo Pharmaceuticals Holdings
ENDP
, but lowered the price target from $47.00 to $37.00. In the report, Davis noted, “We were wrong, FDA acted irrationally inconsistent, in our view, and will allow crushable Opana generics to flood the market despite blocking crushable OxyContins. ENDP now expects more Gx approvals and slashed guidance. This is disappointing & material but we think ENDP has underappreciated spending flexibility (meaningful restructuring unveiled by Q2 results at latest) and new mgmt will be aggressive on the BD front.” Endo Pharmaceuticals Holdings closed on Friday at $34.97.
Posted In: Analyst ColorPrice TargetAnalyst RatingsJefferies
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