Morgan Stanley Updates Model for Phibro Animal Health Corp.

In a report published Thursday, Morgan Stanley analyst David Risinger reiterated an Equal-Weight rating and $19.00 price target on
Phibro Animal Health Corp.
PAHC
. In the report, Morgan Stanley noted, “F3Q sales and EBITDA were as expected; EPS was above due to IPO/refinancing pro forma adjustments and taxes. Revenues were $173M, in-line with our $173M. EPS was $0.36 (included pro forma adjustments for the IPO and refinancing, p. 3), 58% above our $0.23 (did not include IPO and refinancing effects). Excluding these adjustments, we calculate the EPS would have been $0.28, 25% above our $0.23, mainly due to the recognition of certain previously unrecognized tax benefits of $1,593.” Phibro Animal Health Corp. closed on Wednesday at $17.91.
Posted In: David RisingerMorgan StanleyAnalyst ColorReiterationAnalyst Ratings