Citi Discusses Warner Chilcott After Meeting With Company CFO

Citi Investment Research has a Buy rating and a $29 price target on shares of Warner Chilcott Plc

. In a note to clients, Citi writes, "We Hosted a Dinner with CFO, Paul Herendeen. We recommend buying WCRX's shares, which trade at a trough multiple of 5.4x our ‘12 EPS of $4.14, reflecting -56%/-65% discounts to the S&P 500/specialty pharma peers. Our $29 PT is supported by a $35 DCF value. We believe the Street is overly concerned with the Actonel/Atelvia franchise, while not factoring in its success with its more profitable franchises." Shares of WCRX lost 72 cents yesterday to close at $22.24, a loss of 3.1%.