Citigroup initiated coverage on Jazz Pharmaceuticals JAZZ with a Buy rating and a $70 price target.
Citigroup commented, "We see a high probability (~≥75%) of either a settlement or win for JAZZ around the ongoing litigation with Roxane over narcolepsy drug Xyrem. While we believe JAZZ currently has the upper hand to win the suit, a settlement would be strategic for both parties and either outcome would lift the overhang for JAZZ's valuation. A loss for JAZZ could push its valuation as far down as the low $30's, but we are establishing a $70 TP assuming a favorable outcome for JAZZ (settlement or win) and view the most probable settlement window from late Dec. `12 - Jun `13."
Jazz Pharmaceuticals closed at $51.85 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies 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!
Already a member?Sign in