Citi Maintains Buy on Mylan

Citi is out with its report today on Mylan MYL, maintaining Buy. In a note to clients, Citi writes, "We rate the shares of Mylan Buy/High Risk (1H) with a $29 target. Mylan currently trades at the low end of its historical average forward P/E multiple, however, the company is generating significant sales and EPS growth. Mylan currently benefits from the higher gross margin branded specialty segment as an addition to the main generics segment. Mylan is positioned to benefit from the geographical diversification of its generics segment following the Merck Generics acquisition. We expect longer term growth to be driven by increasing generic penetration in international markets." Shares of MYL closed Friday at $23.11, up 0.83% from Thursday's close.