Canaccord Genuity Initiates Coverage on Actavis plc (ACT)
Equities research analysts at Canaccord Genuity initiated coverage on shares of Actavis plc (NYSE:ACT) in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $275.00 price target on the stock. Canaccord Genuity’s target price would suggest a potential upside of 22.72% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital reiterated a “top pick” rating on shares of Actavis plc in a research note on Tuesday. They now have a $259.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. initiated coverage on shares of Actavis plc in a research note on Monday. They set an “overweight” rating and a $300.00 price target on the stock. Finally, analysts at Morgan Stanley initiated coverage on shares of Actavis plc in a research note on Wednesday, June 18th. They set an “overweight” rating and a $246.00 price target on the stock. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Actavis plc presently has an average rating of “Buy” and a consensus target price of $228.67.
Shares of Actavis plc (NYSE:ACT) traded up 0.44% during mid-day trading on Friday, hitting $225.08. 807,624 shares of the company’s stock traded hands. Actavis plc has a one year low of $121.12 and a one year high of $230.77. The stock has a 50-day moving average of $211. and a 200-day moving average of $197.8. The company’s market cap is $39.264 billion.
Actavis plc (NYSE:ACT) last released its earnings data on Wednesday, April 30th. The company reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.23 by $0.26. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the previous year, the company posted $1.99 earnings per share. The company’s revenue for the quarter was up 40.1% on a year-over-year basis. Analysts expect that Actavis plc will post $13.63 EPS 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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