Mylan Rating Reiterated by Goldman Sachs Group Inc. (MYL)
Mylan (NYSE:MYL)‘s stock had its “buy” rating restated by equities research analysts at Goldman Sachs Group Inc. in a research note issued to investors on Thursday, American Banking and Market News reports. They currently have a $46.00 target price on the stock, up from their previous target price of $40.00. Goldman Sachs Group Inc.’s price target points to a potential upside of 20.89% from the company’s current price.
The analysts wrote, “We raise our estimates on increased confidence in key revenue and earnings drivers. Our new forecast for 2018 EPS of $4.50 (~$5.50 pro forma for Agila) is still shy of MYL’s 5-year CAGR revenue guidance of 13% and EPS of 16%, which implies 2018 revenue of $13 bn and EPS of at least $6.00, but is above consensus. Key changes to our model: (1) raising our probability for generic Copaxone and Advair/Seretide; (2) capital allocation with $200 mn in buybacks per year (we see upside to $500 mn/year); (3) tax rate of ~22% by 2018 per management guidance; and (4) probability of EpiPen generic competition. Generic Advair/Seretide could add over $2 to EPS on an unadjusted basis. We also outline a bull scenario (see inside), which implies potential EPS of $7-8 by 2018 (still doesn’t include biosimilars or the branded Combo agent).”
A number of other firms have also recently commented on MYL. Analysts at JPMorgan Chase & Co. reiterated a “buy” rating on shares of Mylan (NYSE:MYL) in a research note to investors on Tuesday. They now have a $42.00 price target on the stock. Separately, analysts at Sanford C. Bernstein upgraded shares of Mylan (NYSE:MYL) from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday. They now have a $44.00 price target on the stock, up previously from $35.00. Finally, analysts at Argus raised their price target on shares of Mylan (NYSE:MYL) from $35.00 to $42.00 in a research note to investors on Thursday, August 8th. They now have a “buy” rating on the stock. They noted that the move was a valuation call.
One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $38.18.
Mylan (NYSE:MYL) traded up 1.13% during mid-day trading on Thursday, hitting $38.48. The stock had a trading volume of 1,420,816 shares. Mylan has a 52 week low of $23.25 and a 52 week high of $38.56. The stock’s 50-day moving average is $35.64 and its 200-day moving average is $31.55. The company has a market cap of $14.692 billion and a P/E ratio of 23.34.
Mylan (NYSE:MYL) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. Analysts expect that Mylan will post $2.87 EPS for the current fiscal year.
In other Mylan news, CEO Heather M. Bresch sold 160,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $35.35, for a total value of $5,656,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Mylan Inc (NYSE:MYL) is a fully integrated global pharmaceutical company that develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals.
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