Market Overview

UPDATE: Goldman Sachs Upgrades Perrigo on Multiple Positive Factors

Share:
Related PRGO
Worst Performing Industries For March 23, 2015
Benzinga's Top Downgrades

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
Mar 2015RBC CapitalDowngradesOutperformSector Perform
Mar 2015Deutsche BankMaintainsBuy
Feb 2015JP MorganMaintainsOverweight

View More Analyst Ratings for PRGO
View the Latest Analyst Ratings

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

 

Related Articles (PRGO)

Around the Web, We're Loving...