Mylan (NYSE:MYL) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Monday, American Banking News reports. They currently have a $41.00 price target on the stock. Morgan Stanley’s target price would suggest a potential upside of 3.85% from the company’s current price.
The analysts wrote, “Long-term growth outlook remains robust. We see a compelling pipeline of high-value, limited competition opportunities in the U.S. Ex-U.S. generics prospects have improved due to governments pushing for more generic drug adoption. We believe that the market now better appreciates the strength and durability of Mylan’s global platform Near-term stock drivers are binary.”
Mylan (NYSE:MYL) traded down 0.42% during mid-day trading on Monday, hitting $39.315. 1,500,261 shares of the company’s stock traded hands. Mylan has a one year low of $23.25 and a one year high of $40.55. The stock’s 50-day moving average is $37.93 and its 200-day moving average is $33.04. The company has a market cap of $15.011 billion and a P/E ratio of 24.22.
Mylan (NYSE:MYL) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.67 by $0.01. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted $0.60 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. Analysts expect that Mylan will post $2.87 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Mylan in a research note to investors on Thursday, September 12th. They now have a $46.00 price target on the stock, up previously from $40.00. Separately, analysts at JPMorgan Chase & Co. reiterated a “buy” rating on shares of Mylan in a research note to investors on Tuesday, September 10th. They now have a $42.00 price target on the stock. Finally, analysts at Sanford C. Bernstein upgraded shares of Mylan from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday, September 10th. They now have a $44.00 price target on the stock, up previously from $35.00. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $38.94.
Mylan Inc (NYSE:MYL) is a fully integrated global pharmaceutical company that develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals.
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