Morgan Stanley recommendation update for MYL
Today, Morgan Stanley downgraded Mylan (MYL) from “overweight” to “equal weight.” The firm also cut its target price for MYL stock from $46 to $36. The company’s flagship specialty product, Epipen, continues to experience supply constraints. Moreover, it’s expected to face intense competition from competitor Teva’s (TEVA) generic Epipen, which received approval in August and is expected to launch in the fourth quarter of fiscal 2018. Also, Mylan has seen lower-than-expected sales from its biosimilar and complex products portfolio, which it’s increasingly focusing on in the wake of increasing generics competition and pricing pressures.
Today, MYL stock fell ~2.7% during premarket trading. During the day, the stock recuperated some of the losses and registered a decline of ~2% during evening trading hours. The stock was trading at a 52-week low of $33.09.
Analysts’ consensus target price for MYL stock
Of the 18 analysts included in a recent Reuters survey, 61% (11) have a “buy” or “strong buy” rating. The remaining seven have “hold” recommendations. As per these analysts, MYL stock has a consensus analysts’ target price of $45.18, which implies an upside potential of 29.5%.
Mizuho also cut its recommendation for MYL stock from “buy” to “neutral” and decreased its target price from $50 to $37 on October 5. The stock fell ~2.1% that day.
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