Citigroup Ponders How Results From Namenda Survey Might Affect Actavis - Enact Holdings (NASDAQ:ACT)

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In a report published Tuesday, Citigroup analyst Liav Abraham reiterated a Buy rating and $310.00 price target on

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Actavis PLC

(NYSE: ACT).In the report, Citigroup noted, “Feedback from a physician survey we conducted confirms our view that the trajectory of ACT's Namenda franchise in 2016 and beyond is likely to depend on pricing/rebating strategies for Namenda XR and Namzaric. Physician concern regarding the potential for formulary restrictions to Namenda XR/ Namzaric from 2016 implies that the Namenda XR conversion rate could struggle to reach the 65- 70% mark by mid-summer 2015, in our view; however we note that our Namenda estimates remain conservative, and a conversion rate of c.50-60%, along with appropriate pricing/rebating by ACT going forward, implies potential upside to our 2016e Namenda estimates of $588mn.”Actavis closed on Monday at $285.02.