Perrigo Company Receives a Buy from Canaccord Genuity

By Ryan Adsit

In a report released yesterday, Dewey Steadman from Canaccord Genuity reiterated a Buy rating on Perrigo Company (NYSE: PRGO), with a price target of $86. The company’s shares opened today at $68.72, close to its 52-week low of $65.47.

Steadman said:

“Date and time of first dissemination: May 30, 2017, 23:06 ET Date and time of production: May 30, 2017, 23:06 ET Target Price / Valuation Methodology: Perrigo Company – PRGO Discounted cash flow analysis supports an $86 valuation for PRGO shares Our discounted cash flow (DCF) analysis leads us to a price target of $86/share for PRGO. Our DCF considers our estimates through 2021, low-single-digit growth through 2033 and zero terminal growth thereafter. In addition, we expect Perrigo’s margin structure to remain somewhat consistent with our 2021 estimates.”

According to TipRanks.com, Steadman is a 1-star analyst with an average return of -2.2% and a 26.7% success rate. Steadman covers the Healthcare sector, focusing on stocks such as Infotek Pharmaceuticals, Pacira Pharmaceuticals, and Endo International.

Perrigo Company has an analyst consensus of Hold, with a price target consensus of $74.

The company has a one year high of $111 and a one year low of $65.47. Currently, Perrigo Company has an average volume of 2.07M.

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Perrigo Co. Plc engages in the production of over-the-counter consumer goods and specialty pharmaceutical products. It operates through the following segments: Consumer Healthcare (CHC), Branded Consumer Healthcare (BCH), Prescription Pharmaceuticals, and Specialty Sciences. The CHC segment includes the company’s former segments, which are the Nutritionals and Israel Pharmaceuticals and Diagnostics business. The BCH segment consists of the Omega business. The Prescription Pharmaceuticals includes the Rx Pharmaceuticals business. The Specialty Sciences segment comprises of the assets, which focuses on the treatment of multiple sclerosis. The company was founded by Luther Perrigo in 1887 and is headquartered in Dublin, Ireland.