UPDATE: Bank of America Reiterates Underperform Rating, Raises PT on Impax Laboratories on Rolling Forward Discount Period

Loading...
Loading...
In a report published Tuesday, Bank of America analyst Sumant S. Kulkarni reiterated an Underperform rating on
Impax LaboratoriesIPXL
, and raised the price target from $27.00 to $28.00. In the report, Bank of America noted, “We are raising our DCF-based price objective from $27 to $28 based mainly on rolling forward our discount period to mid-2015 (vs. end-2014). We did not make any substantial changes to our model, which we updated for Rx trends in the Parkinson's market that drives our Rytary estimates. We remain cautious on IPXL shares as our model already builds in significant value for new launches (including Rytary) and because IPXL's FDA issues are as yet unresolved. That said, we believe IPXL, with new CEO Fred Wilkinson (ex-Actavis) at its helm, could engage in business development activity, which could present a risk to our thesis; recall that IPXL remains cash-rich (~$6/share).” Impax Laboratories closed on Monday at $28.03.
Posted In: Analyst ColorPrice TargetAnalyst RatingsBank of AmericaSumant S. Kulkarni
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...