In a report released yesterday, Susan Anderson from Canaccord Genuity maintained a Buy rating on Perrigo Company (PRGO – Research Report), with a price target of $42.00.
Susan Anderson’s rating is based on her analysis of Perrigo Company’s recent financial results and forward-looking prospects. Despite a decrease in sales and challenges in the infant nutrition segment, Perrigo managed to surpass earnings expectations, and there are plans for recovery by the end of the year. Anderson acknowledges the temporary headwinds such as inventory destocking that affected the over-the-counter (OTC) business but notes the underlying organic growth outside of these challenges. Furthermore, she highlights the company’s strong international performance, particularly in the Consumer Self-Care International (CSCI) segment, which showed robust sales growth.
Additionally, Anderson points to the promising launch of Opill, the first over-the-counter oral contraceptive in the United States, which has been well received in the market. The potential for increased sales as the product gains more awareness and insurance coverage further supports the optimistic outlook. Given these factors, along with Perrigo’s current valuation trading below her estimated earnings multiple, Anderson sees the stock’s recent pullback as an attractive entry point for investors, leading to her Buy rating. Her assessment suggests confidence in the company’s ability to navigate current hurdles and capitalize on long-term growth opportunities.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $41.00 price target.
Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PRGO in relation to earlier this year.
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Perrigo Company (PRGO) Company Description:
Perrigo Co. Plc is a healthcare company, which engages in the production of over-the-counter consumer goods and specialty pharmaceutical products. It operates through the following segments: Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals. The Consumer Healthcare Americas segment comprises the U.S., Mexico and Canada consumer healthcare business. The Consumer Healthcare International segment includes branded consumer healthcare business primarily in Europe and consumer focused businesses in the U.K., Australia, and Israel. The Prescription Pharmaceuticals refers to the U.S. prescription pharmaceuticals business. The company was founded by Luther Perrigo in 1887 and is headquartered in Dublin, Ireland.
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