Zacks Investment Research upgraded shares of Perrigo Company (PRGO) from NEUTRAL to OUTPERFORM on August 13, 2012, with a target price of $139.00.
We are upgrading Perrigo Company to Outperform ahead of its fourth quarter fiscal 2012 earnings results slated for August 16, 2012. Perrigo's third quarter adjusted earnings of $1.41 beat the year-ago earnings by 31.8%. Earnings were boosted by higher revenues. We are impressed by the series of generic launches at Perrigo over the last few months. The segment is expected to continue performing well thereby driving growth at Perrigo. We are also impressed by Perrigo's growth-by-acquisition strategy. In view of these positives we believe that there is significant scope for stock price appreciation at Perrigo. We believe that the current price represents an attractive entry point for long-term investors.
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