Wells Fargo Downgrades Mylan To Market Perform After 'Disappointing' Quarter
Wells Fargo analyst David Maris downgraded Mylan (MYL) to Market Perform from Outperform and lowered his price target for the shares to $22 from $33.
The stock closed yesterday down 24%, or $6.73, to $21.53.
Mylan reported "disappointing" results which missed consensus on several key metrics including revenue and revenue by segment, Maris tells investors in a research note. The analyst says he's downgrading the shares as Mylan continues to perform below his expectations. Even after yesterday's selloff, Maris believes the risks outweigh the valuation given the earnings uncertainty.
Further, the lack of any outcome or major announcement about the strategic review suggests the review is not going to result in any material changes, according to Maris.
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