Zacks Investment Research upgraded shares of Actavis plc (ACT) from NEUTRAL to OUTPERFORM on October 07, 2013, with a target price of $176.00.
Actavis' second quarter 2013 EPS $2.01 was above the Zacks Consensus Estimate of $1.99 and up 42% from the year-ago period. Revenues came in at approximately $1,989.8 million, up 46.8% from the year-ago period, and slightly above the Zacks Consensus Estimate of $1,983 million. The company narrowed its 2013 earnings outlook. We view the acquisition of Actavis Group as a smart strategic move and we believe the company should be able to achieve its guidance easily. We are also positive on the recently-completed acquisition of Warner Chilcott which makes strategic and financial sense. With fewer major patent expiries slated to occur in the next few years, we are encouraged by Actavis' focus on building its branded and biosimilars pipeline. We are upgrading Actavis to Outperform based on improving prospects following the Warner Chilcott acquisition.
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