May 13, 2019 / 12:05 PM / 2 months ago

BUZZ-Endo International: Falls after JPM turns bearish, Piper cuts estimates

** Endo International PLC shares down 4.5 pct at $7.70 in premarket after JP Morgan downgrades to “underweight” from “neutral,” giving ENDP first “sell” rating in 9 months

** JPM takes this bearish stance for the first time since ENDP’s initiation in 2016; maintains $9 target price on ENDP

** JPM says overall, Q1 results in specialty pharma space highlights a volatile environment

** Specialty pharma industry remains under pressure, with many companies still dealing with legacy challenges and high levels of leverage - JPM

** However, JPM upgrades Canadian drugmaker Bausch Health’s U.S.-listed shares to “neutral” from “underweight,” and raises PT to $28 from $25, saying EBITDA is stabilizing and should begin to grow as Bausch & Lomb segment performance remains solid

** In a separate note, Piper Jaffray cuts ENDP’s PT to $8 from $11 as it sees pressure on the retail generics segment

** Piper also cut 2020 earnings estimates to $2.29 per share from $2.35

** * Current avg rating on stock is “hold” and median PT is $12, Refinitiv data shows

** ENDP up 10.4% so far this year (Reporting by Jasmine I S in Bengaluru)

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