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Perrigo (NASDAQ:PRGO) was upgraded by research analysts at Bank of America Corp. from an “underperform” rating to a “neutral” rating in a report released on Monday, AnalystRatings.Net reports. The firm currently has a $133.00 price objective on the stock, up from their previous price objective of $116.00. Bank of America Corp.’s price target points to a potential upside of 6.26% from the stock’s previous close.

The analysts wrote, “PRGO announced that it will acquire Elan for $8.6bn in cash and stock (or $6.7bn net of ELN’s cash position). ELN is an Irish entity with a large cash position and a royalty stream (on MS treatment Tysabri). In becoming an Irish-domiciled company with this deal, PRGO stands to garner significant tax (and operational) synergies, boosting EPS significantly in all future years.”

Shares of Perrigo (NASDAQ: PRGO) traded down 6.75% during mid-day trading on Monday, hitting $125.17. Perrigo has a 52 week low of $98.79 and a 52 week high of $134.31. The stock’s 50-day moving average is currently $123.5. The company has a market cap of $11.771 billion and a P/E ratio of 28.86.

Perrigo (NASDAQ:PRGO) last released its earnings data on Tuesday, May 7th. The company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by $0.02. The company had revenue of $919.83 million for the quarter, compared to the consensus estimate of $935.44 million. During the same quarter last year, the company posted $1.41 earnings per share. Perrigo’s revenue was up 18.2% compared to the same quarter last year. Perrigo has set its FY13 guidance at $5.53-5.73 EPS. Analysts expect that Perrigo will post $5.61 EPS for the current fiscal year.

A number of other firms have also recently commented on PRGO. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Perrigo in a research note to investors on Tuesday, July 9th. They now have a $120.00 price target on the stock. Separately, analysts at Canaccord Genuity raised their price target on shares of Perrigo from $128.00 to $140.00 in a research note to investors on Tuesday, July 9th. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Perrigo in a research note to investors on Tuesday, June 25th. They now have a $124.00 price target on the stock.

One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. Perrigo currently has an average rating of “Hold” and an average price target of $129.43.

Perrigo Company is a global healthcare supplier that develops, manufactures and distributes over-the-counter (NASDAQ: PRGO) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products and active pharmaceutical ingredients (API).

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