Mylan Rating Lowered to Hold at Needham & Company (MYL)
Mylan (NYSE:MYL) was downgraded by equities research analysts at Needham & Company from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. They currently have a $40.00 price objective on the stock. Needham & Company’s price objective would suggest a potential downside of 28.91% from the stock’s previous close. The analysts noted that the move was a valuation call.
Mylan (NYSE:MYL) traded down 0.41% during mid-day trading on Friday, hitting $56.04. 2,242,731 shares of the company’s stock traded hands. Mylan has a 52 week low of $27.66 and a 52 week high of $57.07. The stock has a 50-day moving average of $46.66 and a 200-day moving average of $41.49. The company has a market cap of $21.455 billion and a P/E ratio of 37.00. Mylan also saw some unusual options trading on Thursday. Stock traders acquired 13,973 call options on the stock. This represents an increase of 356% compared to the typical daily volume of 3,065 call options.
Mylan (NYSE:MYL) last announced its earnings results on Thursday, February 27th. The company reported $0.78 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.75 by $0.03. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter last year, the company posted $0.65 earnings per share. Mylan’s revenue was up 5.9% compared to the same quarter last year. On average, analysts predict that Mylan will post $3.40 earnings per share for the current fiscal year.
Separately, analysts at RBC Capital initiated coverage on shares of Mylan in a research note on Monday, January 6th. They set an “outperform” rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $40.44.
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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