Zacks Investment Research upgraded shares of Mylan, Inc. (MYL) from NEUTRAL to OUTPERFORM on October 22, 2013, with a target price of $46.00.
Mylan's second quarter 2013 adjusted earnings of $0.68 per share surpassed the Zacks Consensus Estimate by a penny. Earnings increased 13% from the year-ago quarter. The rise in earnings was primarily attributable to higher revenues despite the negative impact of foreign currency movements. The company still expects adjusted earnings in the range of $2.75-$2.95 per share. Mylan expects 2013 revenues at the low end of its previously guided range of $7.0 $7.4 billion. We believe Mylan will achieve the guidance driven by its strong product portfolio. We are also encouraged by Mylan's geographic reach and robust generic pipeline. In view of these positives, we upgrade the stock to Outperform.
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