Cowen and Company Upgrades Actavis to “Outperform” (ACT)
Actavis (NYSE:ACT) was upgraded by investment analysts at Cowen and Company from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday, Stock Ratings Network reports. The firm currently has a $215.00 target price on the stock, up from their previous target price of $130.00. Cowen and Company’s price objective points to a potential upside of 19.48% from the company’s current price.
The analysts wrote, “What is obvious to us is that growth through acquisitions will ultimately end – it always does,” the report noted. “However, the positive is that this management team continues to have value creating opportunities in the meantime, and we believe they will execute well to be able to dictate appropriate terms to their own exit when necessary. They have also articulated that there will be no pause in their aggressiveness. We have conviction that management – despite their already significant success – will continue to create as much value between now and their exit as possible, and as urgently as possible.”
A number of other analysts have also recently weighed in on ACT. Analysts at RBC Capital initiated coverage on shares of Actavis in a research note to investors on Tuesday. They set an “outperform” rating and a $202.00 price target on the stock. Separately, analysts at Zacks downgraded shares of Actavis from an “outperform” rating to a “neutral” rating in a research note to investors on Thursday, November 28th. They now have a $172.00 price target on the stock. Finally, analysts at UBS AG raised their price target on shares of Actavis from $155.00 to $186.00 in a research note to investors on Wednesday, October 30th. They now have a “buy” rating on the stock. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $160.63.
Shares of Actavis (NYSE:ACT) traded up 0.98% on Friday, hitting $181.70. 606,786 shares of the company’s stock traded hands. Actavis has a 1-year low of $82.02 and a 1-year high of $177.79. The stock’s 50-day moving average is $164.4 and its 200-day moving average is $144.9. The company’s market cap is $31.616 billion.
Actavis (NYSE:ACT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.09 earnings per share for the quarter, meeting the analysts’ 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. Actavis’s revenue was up 56.7% compared to the same quarter last year. On average, analysts predict that Actavis will post $9.34 earnings per share for the current fiscal year.
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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