After Canaccord Genuity and Cantor Fitzgerald assigned a Buy rating to Perrigo Company plc in the last month, the company received another Buy, this time from Oppenheimer. Analyst Christopher Liu reiterated a Buy rating on Perrigo Company plc (NYSE: PRGO) today and set a price target of $98. The company’s shares opened today at $75.60.
Liu noted:
“PRGO reported a healthy 1Q18 financial update on May 8th, 2018. We remain positive about management’s ability to grow store-brand market share in the CHCA segment, to drive gross and operating margin growth in the CHCI segment, and to navigate challenges within the RX segment. Guidance for CHCA remains the same, while the net sales guidance for CHCI was increased and RX was decreased. The RX segment guidance decline is not a foreboding sign, in our view, but rather a temporary issue due to supply disruptions. We fully expect a return to meaningful growth in 4Q18 as ProAir launches and supply is reestablished. We would be buyers of the stock at these levels and reiterate our Outperform rating. We adjust our model accordingly.”
According to TipRanks.com, Liu is a 1-star analyst with an average return of -2.6% and a 33.3% success rate. Liu covers the Healthcare sector, focusing on stocks such as Synergy Pharmaceuticals Inc, Zynerba Pharmaceuticals, and Insys Therapeutics.
Currently, the analyst consensus on Perrigo Company plc is Moderate Buy and the average price target is $99.75, representing a 31.9% upside.
In a report issued on May 7, Canaccord Genuity also maintained a Buy rating on the stock with a $105 price target.
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Perrigo Company plc’s market cap is currently $10.55B and has a P/E ratio of 83.01. The company has a Price to Book ratio of 1.70.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PRGO in relation to earlier this year.
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Perrigo Co. Plc is a healthcare company, which engages in the production of over-the-counter consumer goods and specialty pharmaceutical products. It operates through the following segments: Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals.
