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Perrigo downgraded to sell by RBC

June 5, 2017

** Perrigo falling 3.5 pct in light volume premarket as RBC drops its rating on stock to underperform, saying drugmaker’s core consumer business erosion is a ‘new normal’ as pressure on Rx pricing and market share continues

** RBC, which had rated PRGO sector perform, cuts its PT from $66 to $60, lowest on the Street

** Pressure seen in co’s generic business well understood, “but this segment is set to provide a multiyear EPS drag on the consolidated business without the pipeline to offset that headwind,” analyst Randall Stanicky writes in note

** Downplays bullish view that PRGO selling its generics business could unlock stock’s value, saying standalone consumer EPS base likely overestimated as is valuation of slower-growing consumer outlook

** Stanicky rated 2 out of 5 stars by TR StarMine for his recommendation performance on PRGO

** Now, of 16 covering analysts, 3 rate PRGO “sell” or equivalent, 4 recommend buying, 9 “hold”; median PT $79.50


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