Actavis plc Earns Overweight Rating from Morgan Stanley (ACT)
Actavis plc (NYSE:ACT)‘s stock had its “overweight” rating restated by research analysts at Morgan Stanley in a report released on Thursday. They currently have a $266.00 price objective on the stock, up from their previous price objective of $246.00. Morgan Stanley’s price objective would suggest a potential upside of 16.39% from the company’s current price.
The analysts wrote, “We believe more large-cap Value and GARP fund managers will come to appreciate Actavis. ACT is now hitting mega-cap radar screens since its mkt cap has stepped up from $18B in Aug. ’13 to $60B today. We think ACT is an attractive alternative to large-cap pharma because it trades at a discount on 2015E P/E (14x vs. 17x) and senior mgmt. are astute leaders with a sense of urgency to create extra value via M&A.”
Actavis plc (NYSE:ACT) traded up 0.55% during mid-day trading on Thursday, hitting $229.81. 1,239,269 shares of the company’s stock traded hands. Actavis plc has a 1-year low of $134.75 and a 1-year high of $230.86. The stock’s 50-day moving average is $217.4 and its 200-day moving average is $212.1. The company has a market cap of $60.730 billion and a P/E ratio of 599.87.
Actavis plc (NYSE:ACT) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $3.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.36 by $0.06. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the company posted $2.01 earnings per share. The company’s revenue for the quarter was up 34.0% on a year-over-year basis. Analysts expect that Actavis plc will post $13.26 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on ACT. Analysts at Sterne Agee raised their price target on shares of Actavis plc from $255.00 to $272.00 in a research note on Thursday. Separately, analysts at Argus downgraded shares of Actavis plc to a “buy” rating in a research note on Tuesday, August 12th. They now have a $202.72 price target on the stock, down previously from $255.00. Finally, analysts at Leerink Swann reiterated an “outperform” rating on shares of Actavis plc in a research note on Thursday, August 7th. They now have a $260.00 price target on the stock, down previously from $269.00. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $235.21.
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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