Goldman Sachs Raises Perrigo PT To $56, Reiterates Sell (PRGO)

Goldman Sachs raised its Perrigo PRGO price target to $56 from $52 and reiterated its Perrigo rating of Sell in a research report published today. In the report, Goldman Sachs states, "PRGO reported F2Q EPS ahead of GS and consensus on solid Rx and API performance, offsetting a Consumer segment that was again soft. While today's results were solid and indicative of still-consistent execution, we highlight increasing gross profit dependence on “generics”, particularly on the heels of the recent Paddock acquisition, with organic growth in the core Consumer business coming in below expectations. Nonetheless, numbers are likely to go higher, in part on raised guidance, despite what we continue to see as ongoing headwinds in Consumer offsetting temporary gains from competitor recalls." Shares of Perrigo were at $73.55 in pre-market trading at the time of posting, down 0.61% from Tuesday's market close.