Market Overview

Morgan Stanley Downgrades Jazz Pharmaceuticals As Stock Approaches Price Target

Share:

Morgan Stanley analyst wants to move to the sidelines on Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) as the stock has gained around 34 percent year-to-date and approached his price target of $183.

The Analyst

Morgan Stanley's David Risinger downgraded the stock from Overweight to Equal-Weight.

The Thesis

The strong year-to-date performance was driven by solid Xyrem growth, rising enthusiasm for the pipeline and anticipation of M&A, the analyst said in a note. He didn't make any changes in his financial model and still expects 2018 results in line with the consensus. He projects 2018 revenues of $1.9B and non-GAAP EPS of $13.12. Risinger sees 2019 results slightly above the consensus as he projects the revenue of $2.2B and EPS of $15.45, while the market expects revenue of $2.1B and EPS of $15.17.

The analyst expects FDA approval of JZP-110 in December, which should add $60 million of revenue in 2019 for the company. He sees peak sales potential for the new drug at more than 500 million.

Price Action

Jazz Pharmaceuticals fell about 1 percent Wednesday to $179.37.

Related Links:

Benzinga's Top Upgrades, Downgrades For July 11, 2018

Benzinga's Biotech Pulse: Pfizer To Defer Price Hikes, Idera-BioCryst Merger Falls Through

Latest Ratings for JAZZ

DateFirmActionFromTo
May 2020SunTrust Robinson HumphreyMaintainsBuy
May 2020BMO CapitalMaintainsOutperform
May 2020SVB LeerinkMaintainsOutperform

View More Analyst Ratings for JAZZ
View the Latest Analyst Ratings

 

Related Articles (JAZZ)

View Comments and Join the Discussion!

Posted-In: David Risinger Morgan StanleyAnalyst Color Downgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
BABACFRAMaintains216.0
ETNB of A SecuritiesDowngrades
HUYAB of A SecuritiesReiterates23.0
BABANomura InstinetMaintains249.0
PDDB of A SecuritiesReiterates71.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com