UPDATE: Oppenheimer Assumes Endo Health Solutions at Perform on Operational Restructuring
In a report published Friday, Oppenheimer analyst Akiva Felt assumed coverage on Endo Health Solutions (NASDAQ: ENDP) with a Perform rating.
In the report, Oppenheimer noted, “We are assuming coverage of Endo Health Solutions (ENDP) with a Perform rating. We remain on the sidelines as the company undergoes an operational restructuring prompted by the upcoming loss of revenues from three main assets (45% of total 2012 sales), by mid-2014. Given these circumstances, Endo expects to conduct 2-3 bolt-on acquisitions with an aggregate value as high as $1.5B over the next 12-18 months. While we are encouraged by these intentions, it may prove difficult to locate quality assets at a reasonable price. With ENDP shares up 48% YTD, we believe the stock is fairly valued at current levels. We would look to revisit our current thesis after gauging ENDP's initial execution of its restructuring plan.”
Endo Health Solutions closed on Thursday at $37.52.
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