Bank of America reissued their buy rating on shares of Mylan (NYSE: MYL) in a report released on Monday. Bank of America currently has a $34.00 target price on the stock, up from their previous target price of $33.00.
“On 2/27, MYL announced that it is buying Strides’ injectables unit, Agila, for $1.6bn in cash. Our initial attempt at adding Agila to our MYL model generally validates MYL’s assumption that the deal could be accretive quickly. Our new 2014/15E adj. EPS are $3.52/$3.50 vs. $3.38/$3.33 (or accretion of 4%/5%), and we are tweaking our DCF-based PO up to $34 (from $33). As we stated, we see this transaction as an exciting platform (existing products + pipeline) for MYL to dramatically accelerate its position in the strategically important injectables space, which has seen some FDA-related missteps by competitors (HSP, Ben Venue, TEVA, etc.), especially in the US.,” the firm’s analyst commented.
Mylan traded up 0.49% on Monday, hitting $30.84. Mylan has a 52-week low of $20.21 and a 52-week high of $30.97. The stock’s 50-day moving average is currently $28.76. The company has a market cap of $12.547 billion and a price-to-earnings ratio of 20.19.
A number of other analysts have also recently weighed in on MYL. Analysts at Argus raised their price target on shares of Mylan from $32.00 to $35.00 in a research note to investors on Monday. They now have a buy rating on the stock. Separately, analysts at Zacks reiterated a neutral rating on shares of Mylan in a research note to investors on Friday, March 1st. They now have a $31.00 price target on the stock. Finally, analysts at Goldman Sachs raised their price target on shares of Mylan to $33.00 in a research note to investors on Thursday, February 28th.
Eleven investment analysts have rated the stock with a buy rating, two have issued an overweight rating, six have given a hold rating, and one has assigned an underweight rating to the company. The company currently has a consensus rating of overweight and an average price target of $32.85.
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