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UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Akorn

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Akorn Shares Keep Moving Higher As Acquisition Rumored To Be 'Imminent'

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Akorn (NASDAQ: AKRX), but slightly lowered its price target from $14.00 to $13.00.

Deutsche Bank noted, “Q3 EPS A Penny Better– Benefiting from Lower R&D, Higher Gross Margin. Akorn reported Q3 cash EPS of $0.14, a penny ahead of both our and consensus ests, primarily due to modestly lower than forecasted R&D expenses (-$1.3M) and slightly better than projected gross margin of 57.6% (+80 bp vs our est). Nonetheless, while mgt continues to execute nicely on its plan, we maintain our HOLD rating on the co's shares in part due to our below consensus EPS ests for 2013 and 2014 and a valuation (5.4x 2012 revs) which still appears too ‘rich' for consolidators.”

Akorn closed on Tuesday at $12.38.

Latest Ratings for AKRX

DateFirmActionFromTo
Mar 2017Deutsche BankDowngradesBuyHold
Dec 2016Goldman SachsInitiates Coverage OnSell
Nov 2016Deutsche BankUpgradesHoldBuy

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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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