In a report published Friday, Citigroup analyst Liav Abraham initiated coverage on Actavis PLC ACT with a Buy rating and $172.00 price target.
In the report, Citigroup noted, “Initiating with Buy and Target Price of $172. Our favored name amongst the multinational generic companies – We anticipate a continued re-rating of Actavis' share price over the near to medium term, as the company delivers robust organic and inorganic growth. Our 5-year sales and earnings estimates are 6.4% and 11.2%, respectively, driven by solid growth in the company's core franchises, as well as margin accretion from the recent Watson-Actavis and WCRX acquisitions. Actavis and Teva are our preferred names amongst the multinational generic names.”
Actavis PLC closed on Thursday at $145.75.
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