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UPDATE: Goldman Sachs Upgrades Perrigo on Multiple Positive Factors

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Perrigo (PRGO) Buys Scar Management Brand from Enaltus (Zacks)

In a report published Tuesday, Goldman Sachs analyst Jami Rubin upgraded Perrigo (NYSE: PRGO) from Sell to Neutral, and raised the price target from $122.00 to $132.00.

In the report, Goldman Sachs noted, “We upgrade PRGO to Neutral from Sell. We are more favorable on the company's future capital allocation strategy, including M&A plans, post today's announcement. We believe the announced agreement to acquire ELN for $8.6 bn ($6.7 bn adjusted for cash) could, assuming the deal closes, provides PRGO a more flexible financial structure (including tax platform) to drive enhanced ROIC from any future deal activity. In addition, PRGO would also acquire a passive but growing royalty stream. Importantly, we see no change to management's business focus. Since being added to the Sell List on 1/10/13, PRGO is +13.6% vs. the S&P 500 + 14.5%. TTM shares are up 7.9% vs. the S&P up 21.6%.”

Perrigo closed on Monday at $125.17.

Latest Ratings for PRGO

DateFirmActionFromTo
Jun 2015BMO CapitalInitiates Coverage onOutperform
Jun 2015BTIG ResearchInitiates Coverage onBuy
Jun 2015Raymond JamesInitiates Coverage onMarket Perform

View More Analyst Ratings for PRGO
View the Latest Analyst Ratings

Posted-In: Goldman Sachs Jami RubinAnalyst Color Upgrades Analyst Ratings

 

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