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Two pharmaceutical companies received new coverage at J.P Morgan Thursday with favorable ratings.

Both Endo International plc (NASDAQ: ENDP) and Valeant Pharmaceuticals Intl Inc (NYSE: VRX) were launched with Overweight ratings by the investment bank.

Separately, J.P Morgan upgraded the Chilean fertilizer concern Sociedad Quimica y Minera de Chile (NYSE: SQM) to Overweight, from Neutral.

Ireland-based Endo, which has grown through a series of acquisitions, recently closed on its $2.6 billion purchase of Auxilium Pharmaceuticals and agreed to sell its American Medical Systems unit to Boston Scientific Corp. (NYSE: BSX) for up to $1.65 billion.

Endo has about $2 billion available for further deals and should grow earnings by 50 percent between now and 2018, according to J.P. Morgan's Chris Schott, who put a $105 price target on Endo's shares.

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Quebec-based Valeant on Wednesday closed on its $10.96 billion acquisition of Salix and has said it plans to make further, smaller deals.

Schott said apart from potential further acquisitions, Valeant will "generate double-digit organic growth" over the near term, and "mid-to-high single-digit growth over the long term in both earnings and revenue."

Schott put a target of $240 on Valeant shares.

With shares of the fertilizer giant Sociedad Quimica off 20 percent in the year to date, J.P. Morgan's Cassio Lucin said its price is attractive and that a threat to its operations from the Chilean government is unlikely to materialize.

The company, which is 32 percent owned by Potash Corp. (NYSE: POT), recently sacked its chief executive amid a government investigation concerning campaign financing.

Lucin maintained a $28 target on Sociedad.

Latest Ratings for ENDP

DateFirmActionFromTo
Feb 2017Canaccord GenuityInitiates Coverage OnBuyHold
Jan 2017JP MorganDowngradesOverweightNeutral
Jan 2017CitigroupDowngradesBuyNeutral

View More Analyst Ratings for ENDP
View the Latest Analyst Ratings

Posted-In: analyst ratings JPMorganAnalyst Color Upgrades Price Target Initiation Analyst Ratings

 

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