In a report published on Monday, Bank of America analyst Gregg Gilbert upgraded Perrigo PRGO from Underperform to Neutral and raised the price target on the company from $116 to $133.
In the report, Bank of America stated, "PRGO announced that it will acquire Elan for $8.6bn in cash and stock (or $6.7bn net of ELN's cash position). ELN is an Irish entity with a large cash position and a royalty stream (on MS treatment Tysabri). In becoming an Irish-domiciled company with this deal, PRGO stands to garner significant tax (and operational) synergies, boosting EPS significantly in all future years."
Perrigo closed on Friday at $134.23.
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