Barclays Capital Initiates Mallinckrodt at Equal-Weight on Differentiated Platform Value
In a report published Monday, Barclays Capital analyst Douglas D. Tsao initiated coverage on Mallinckrodt (NYSE: MNK [FREE Stock Trend Analysis]) with an Equal-Weight rating and $45.00 price target.
In the report, Barclays Capital noted, “We believe MNK offers significant value through its differentiated platform in both controlled substances and extended release products. We see MNK in evolution from an under-resourced division of COV into a standalone specialty pharmaceutical business. The company's capabilities received significant validation earlier this year with its surprise launch of generic Concerta. No longer simply a ‘bolt-on' to COV, we expect over the next 12-18 months MNK will build out its pipeline beyond what has currently been disclosed both through internal development and business development, noting MNK possesses an Irish tax structure which confers tactical advantages in M&A.”
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