UPDATE: Bank of America Raises PT on Sagent Pharmaceuticals on Higher Sales Estimates

In a report published Wednesday, Bank of America analyst Gregg Gilbert reiterated a Neutral rating on Sagent Pharmaceuticals SGNT, and raised the price target from $19.00 to $22.00. In the report, Bank of America noted, “Based on our review of two months of IMS sales data, we are raising our SGNT sales estimates for 2Q13 and beyond (mainly flow through of ‘base' sales in 2Q to future periods). We also modestly raised our gross margin estimates in 2014/15to account for a better product mix. Based on these changes, we are raising our DCF-based price objective to $22 vs. $19. We continue to be encouraged by SGNT's performance and the company's improved ability to predict and deliver on its revenue targets. But, with the stock already up 29% YTD, we are maintaining our Neutral as we await visibility on new launches and on margin progression.” Sagent Pharmaceuticals closed on Tuesday at $20.78.