Actavis Given a $190.00 Price Target at Barclays (ACT)
Barclays set a $190.00 target price on shares of Actavis (NYSE:ACT) stock in a research note issued on Wednesday, American Banking News reports. The firm currently has a an “overweight” rating on the stock. Barclays’ price target indicates a potential upside of 23.16% from the company’s current price.
The analysts wrote, “We believe the share price movement yesterday reflected ACT’s 2014 EPS guidance, but perhaps more encouraging was management’s commitment to ‘long-term double-digit’ organic EPS growth from the company’s newly established earnings base. Coming into yesterday’s earnings release, we felt investors’ focus on 2014 guidance was ‘losing the forest for the trees’, and investors weren’t giving ACT sufficient credit for either the number or quality of opportunities from ACT’s generic & brand divisions. We think management’s FY14 outlook for EPS between $12.25-$13.00 now reflect these opportunities, capturing our estimate of $12.99 (noting guidance excluding contributions from Western Europe). We raise our target to $190.”
Shares of Actavis (NYSE:ACT) traded up 1.18% during mid-day trading on Wednesday, hitting $156.09. The stock had a trading volume of 913,775 shares. Actavis has a 52 week low of $80.81 and a 52 week high of $139.10. The stock’s 50-day moving average is $135.2 and its 200-day moving average is $116.2. The company’s market cap is $20.784 billion.
Actavis (NYSE:ACT) last released its earnings data on Tuesday, October 29th. The company reported $2.09 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $2.09. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.04 billion. The company’s quarterly revenue was up 56.7% on a year-over-year basis. Analysts expect that Actavis will post $8.35 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at TheStreet downgraded shares of Actavis from a “buy” rating to a “hold” rating in a research note to investors on Wednesday. Separately, analysts at Citigroup Inc. initiated coverage on shares of Actavis in a research note to investors on Friday, October 25th. They set a “buy” rating and a $172.00 price target on the stock. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $150.65.
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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