Actavis Stock Rating Upgraded by Zacks (ACT)
Actavis (NYSE:ACT) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Monday, Analyst Ratings News reports. The firm currently has a $176.00 price target on the stock. Zacks‘ price target would suggest a potential upside of 22.09% from the company’s current price.
Zacks‘ analyst wrote, “Actavis’ second quarter 2013 EPS $2.01 was above the Zacks Consensus Estimate of $1.99 and up 42% from the year-ago period. Revenues came in at approximately $1,989.8 million, up 46.8% from the year-ago period, and slightly above the Zacks Consensus Estimate of $1,983 million. The company narrowed its 2013 earnings outlook. We view the acquisition of Actavis Group as a smart strategic move and we believe the company should be able to achieve its guidance easily. We are also positive on the recently-completed acquisition of Warner Chilcott which makes strategic and financial sense. With fewer major patent expiries slated to occur in the next few years, we are encouraged by Actavis’ focus on building its branded and biosimilars pipeline. We are upgrading Actavis to Outperform based on improving prospects following the Warner Chilcott acquisition.”
Shares of Actavis (NYSE:ACT) traded down 1.87% during mid-day trading on Monday, hitting $144.16. 1,371,002 shares of the company’s stock traded hands. Actavis has a one year low of $81.73 and a one year high of $149.80. The stock’s 50-day moving average is $138. and its 200-day moving average is $122.8. The company’s market cap is $19.195 billion.
Actavis (NYSE:ACT) last released its earnings data on Thursday, July 25th. The company reported $2.01 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.00 by $0.01. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Actavis’s revenue was up 46.8% compared to the same quarter last year. Analysts expect that Actavis will post $8.33 EPS for the current fiscal year.
A number of other firms have also recently commented on ACT. Analysts at TheStreet downgraded shares of Actavis from a “buy” rating to a “hold” rating in a research note to investors on Thursday. Separately, analysts at Argus reiterated a “buy” rating on shares of Actavis in a research note to investors on Tuesday, October 1st. They now have a $150.00 price target on the stock. Finally, analysts at Leerink Swann raised their price target on shares of Actavis to $165.00 in a research note to investors on Tuesday, October 1st. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $146.38.
Actavis, Inc formerly Watson Pharmaceuticals, Inc, is a integrated global specialty pharmaceutical company engaged in the development, manufacturing, marketing, sale and distribution of generic, branded generic, brand, biosimilar and over-the-counter (NYSE:ACT) pharmaceutical products.
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