June 6, 2018 / 10:01 AM / 5 months ago

BUZZ-Barclays upgrades Valeant; downgrades Perrigo, Protagonist

** Barclays upgrades Valeant to “overweight” from “equal weight”; downgrades Perrigo Co to “equal weight” from “overweight”

** VRX up 2.9 pct; PRGO down 0.8 pct premarket

** Analyst Douglas Tsao says VRX business has hit an inflection point, with existing business stabilizing offers growth driven by upcoming product launches

** PRGO’s inability to win approval for its generic version of ProAir reduces near-term earnings momentum, Tsao says

** Tsao also downgrades Protagonist Therapeutics to “equal weight” from “overweight,” saying there is value in company’s key pipeline assets, but doesn’t expect achievement of key catalysts until H219

** Analyst hikes VRX PT to $29 from $20; cuts PRGO to $80 from $93, PTGX to $8.50 from $30

** YTD, VRX up ~14 pct vs 15 pct decline in PRGO and 65 pct drop in PTGX (Reporting by Brijesh Patel in Bengaluru)

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