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Stock Market & Financial Investment News

News Breaks
July 15, 2014
07:48 EDTPRGOPerrigo could be acquired, says RBC Capital
After Globes suggested that Perrigo has hired an investment bank to sell the company. RBC Capital thinks the company has several attributes that could appeal to potential acquirers, including its ability to serve as an inversion vehicle. However, the firm believes that Perrigo could also acquire another company instead. RBC Capital keeps a $160 price target and Outperform rating on the shares.
News For PRGO From The Last 14 Days
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June 30, 2015
08:27 EDTPRGOPerrigo deal for Roxane would make Mylan fight harder, says Citi
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June 29, 2015
15:01 EDTPRGOMallinckrodt, Perrigo among bidders for Roxane Labs, Bloomberg reports
Mallinckrodt (MNK), Perrigo (PRGO) and Hikma are among the potential bidders for Boehringer Ingelheim's Roxane Labs generic business, said Bloomberg, citing people with knowledge of the matter.
June 25, 2015
12:52 EDTPRGOEU to decide by July 29 on Mylan's bid for Perrigo, Reuters reports
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June 23, 2015
14:16 EDTPRGOBMO Capital sees strong fundamentals in Perrigo regardless of Mylan deal
Shares of Perrigo (PRGO) are trading higher intraday after BMO Capital Markets initiated coverage of the stock with an Outperform rating. The research firm is bullish on the shares regardless of whether Mylan's bid for the company succeeds, saying Perrigo is well-positioned to ride momentum in reduced-price healthcare. WHAT'S NEW: BMO Capital Markets' David Maris initiated coverage of Perrigo with an Outperform rating and a $246 price target. Maris cited the company's 70%-plus market share in store- and private-label brands, as well as its roughly $1B annual sales in the generics space. The analyst believes Perrigo will see continued benefit from larger trends driving consumer-centric healthcare and the curtailing of medical costs. WHAT'S NOTABLE: BMO Capital Markets noted that two upcoming Tysabri-related events are not accounted for by the Street, giving rise to a "significant" undervaluing of the shares. Mylan (MYL) has submitted multiple unsolicited offers for Perrigo, and while the likelihood of the deal seems low given Perrigo's numerous rejections and Teva's (TEVA) 4.61% blocking stake in Mylan. BMO Capital remarked that a failed deal should see "limited downside" for Perrigo. There could certainly be near-term volatility if a Mylan agreement doesn't materialize, but the analyst was confident in the well-positioned company's ability to deliver on both earnings per share and cash flow. PRICE ACTION: Shares of Perrigo are up nearly 2% in afternoon trading. The company saw a nearly 25% leap following Mylan's initial offer on April 8, though it has since dipped from that high.
10:00 EDTPRGOOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Adeptus Health (ADPT) initiated with a Buy at BofA/Merrill... Angie's List (ANGI) initiated with a Hold at Topeka... Avenue Financial (AVNU) initiated with an Equal Weight at Stephens... CASI Pharmaceuticals (CASI) initiated with a Buy at H.C. Wainwright... Corindus (CVRS) initiated with a Buy at Stifel... Coupons.com (COUP) initiated with a Market Perform at William Blair... Five Below (FIVE) initiated with an Outperform at RBC Capital... Franklin Financial Network (FSB) initiated with an Equal Weight at Stephens... Galmed (GLMD) initiated with a Buy at H.C. Wainwright... Genesis Healthcare (GEN) initiated with a Neutral at Susquehanna... Groupon (GRPN) initiated with a Hold at Topeka... GrubHub (GRUB) initiated with a Buy at Topeka... Hercules Technology (HTGC) initiated with a Buy at Compass Point... Immersion (IMMR) initiated with a Buy at Craig-Hallum... Lipocine (LPCN) initiated with a Buy at Canaccord... NeoGenomics (NEO) initiated with a Buy at BTIG... Novadaq (NVDQ) initiated with a Neutral at BTIG... Perrigo (PRGO) initiated with an Outperform at BMO Capital... Signal Genetics (SGNL) initiated with a Buy at Chardan... Standard Motor Products (SMP) initiated with a Neutral at CL King... United Community Financial (UCFC) initiated with a Market Perform at Keefe Bruyette... WP Glimcher (WPG) initiated with a Neutral at Goldman... WhiteWave (WWAV) initiated with a Buy at Maxim... Yelp (YELP) initiated with a Buy at Topeka.
08:49 EDTPRGOMylan CFO to meet with Tel Aviv bourse head Wednesday, Reuters says
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06:01 EDTPRGOPerrigo initiated with an Outperform at BMO Capital
BMO Capital analyst David Maris started Perrigo (PRGO) with an Outperform rating and $246 price target. Maris calls shares "significantly undervalued" on a fundamental basis and sees limited downside risk should Mylan (MYL) remove its unsolicited bid for the company.
June 21, 2015
19:53 EDTPRGOMylan CEO says Teva's 4.61% stake may be 'illegal,' Bloomberg reports
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June 18, 2015
06:09 EDTPRGOTeva raises stake in Mylan to 4.3%, Globes reports
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June 16, 2015
14:12 EDTPRGOAbbott backing marginally ups chances of Mylan-Perrigo deal, says BMO Capital
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11:06 EDTPRGOTeva says 'fully committed' to bid for Mylan, Bloomberg reports
After Abbott (ABT) announced earlier that it intends to vote its 14.5% stake in Mylan (MYL) in favor of Mylan's proposed acquisition of Perrigo (PRGO), a Teva (TEVA) spokesperson told Bloomberg in an email that the company remains "fully committed" to is offer to acquire Mylan, which Teva said is better than Mylan's suggested deal for Perrigo.
09:21 EDTPRGOMylan issues statement regarding Abbott's support for Perrigo transaction
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09:10 EDTPRGOAbbott confirms support for Mylan's proposed acquisition of Perrigo
Abbott (BT) confirmed its continued support for Mylan (MYL) N.V's growth strategy by stating its intent to vote its 14.5% stake in Mylan in favor of Mylan's proposed acquisition of Perrigo (PRGO). "We chose Mylan to acquire our developed markets branded generics pharmaceuticals because its scale and breadth across critical distribution channels, broad and diverse portfolio, and commitment to patients and product quality strongly positions it for success in the years to come," said Abbott. "As both Mylan's largest shareholder and its partner through our continued manufacturing relationships, Abbott has considered the entire situation and we believe Mylan's standalone strategy and acquisition of Perrigo will further enhance its platform, is strategically compelling, value enhancing for shareholders, and offers a clear path to completion. In light of these factors, we will be voting in favor of the Perrigo transaction."

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