Argus Increases Mylan Price Target to $42.00 (MYL)

Posted by on Aug 8th, 2013

Investment analysts at Argus upped their price target on shares of Mylan (NYSE:MYL) from $35.00 to $42.00 in a note issued to investors on Thursday, AnalystRatingsNetwork reports. The firm currently has a “buy” rating on the stock. Argus’ target price suggests a potential upside of 13.36% from the stock’s previous close. The analysts noted that the move was a valuation call.

Shares of Mylan (NYSE:MYL) traded down 0.08% during mid-day trading on Thursday, hitting $37.05. Mylan has a one year low of $23.04 and a one year high of $37.47. The stock’s 50-day moving average is currently $32.28. The company has a market cap of $14.123 billion and a P/E ratio of 22.75.

Mylan (NYSE:MYL) last issued its quarterly earnings data 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.

A number of other analysts have also recently weighed in on MYL. Analysts at Barclays Capital raised their price target on shares of Mylan from $33.00 to $50.00 in a research note to investors on Tuesday. They now have an “overweight” rating on the stock. Separately, analysts at Buckingham Research upgraded shares of Mylan from a “neutral” rating to a “buy” rating in a research note to investors on Monday. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Mylan in a research note to investors on Friday, August 2nd. They now have a $36.00 price target on the stock.

One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Mylan has a consensus rating of “Buy” and an average price target of $36.53.

Mylan Inc (NYSE:MYL) is a fully integrated global pharmaceutical company that develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals.