Zacks Investment Research upgraded shares of Endo International plc (ENDP) from NEUTRAL to OUTPERFORM on January 23, 2015, with a target price of $96.00.
Endo's third-quarter 2014 earnings of $1.15 per share beat the Zacks Consensus Estimate of $0.99 but decreased 14% from the year-ago period. The year-over-year decline in earnings was primarily due to generic competition for branded Lidoderm. Strong generic revenues contributed to the top-line beat. We are impressed by Endo increasing its guidance further. We are also positive on the impending acquisition of Auxilium Pharmaceuticals. The deal is expected to boost the company's sales and earnings growth from 2015. We are pleased with the company's effort to advance its pipeline. Based on these factors, we upgrade our recommendation on the stock to Outperform with target price of $96.00.
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