Bank of America Reiterates Buy Rating, $33 PT on Endo Health Solutions on Updated Scenario Analysis

In a report published Monday, Bank of America analyst Gregg Gilbert reiterated a Buy rating and $33.00 price target on Endo Health Solutions ENDP. In the report, Gilbert noted, “ENDP shares have rallied this year (+17%) after a challenging 2012 (-24%), which has been helped in part by stable demand for “new” Opana ER despite the availability of "old" generics, market speculation that ENDP was considering a sale (as reported on Bloomberg), and the hiring of new CEO Rajiv De Silva, who was associated with shareholder value creation at VRX. Given how the stock has performed, and the fundamental changes to the business that have occurred over the past several months, we update our theoretical sum-of-the-parts (SOTP) scenario analysis, where we look at historical acquisition multiples for the sector.” Endo Health Solutions closed on Friday at $30.68.