Zacks Investment Research downgraded shares of Perrigo Company (PRGO) from OUTPERFORM to NEUTRAL on September 03, 2012, with a target price of $115.00.
Perrigo Company's fourth quarter fiscal 2012 revenues fell short of the Zacks Consensus estimate primarily due to weakness in the Consumer HealthCare (CHC) segment. Moreover, the company, which narrowly beat the Zacks Consensus Estimate in terms of earnings, expects fiscal 2013 earnings to grow in the range of 6-10% over fiscal 2012 levels. The forecasted growth range is below the growth exhibited by the company in the last few years. The revenue miss and the below par guidance had a negative impact on the shares. Apart from the CHC segment, generic segment sales too were disappointing, flat sequentially. In view of these factors, we downgrade the stock to Neutral. Our target price is $115.00.
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