Zacks Investment Research upgraded shares of Endo Health Solutions Inc. (ENDP) from NEUTRAL to OUTPERFORM on October 16, 2013, with a target price of $53.00.
Endo Health reported higher-than-expected earnings in the second quarter of 2013 aided by lower costs. The company raised its earnings guidance for 2013 in the range of $4.25-$4.55 (old guidance: $4.10-$4.40 per share). We are impressed by Endo's growth-by-acquisition strategy. The impending acquisition of generics company Boca Pharmacal is a smart move by Endo to strengthen its Qualitest portfolio and combat the generic threat over its key products. Moreover, we are also positive on Endo's move to sell its struggling anatomical pathology business aimed at optimizing its resources while maximizing the long-term growth potential. In view of these positives, we upgrade the stock to Outperform.
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