UPDATE: Stifel Raises PT on Perrigo Company on Attractive Long-Term Growth Prospects

In a report published Thursday, Stifel analyst Annabel Samimy reiterated a Buy rating on Perrigo Company (NYSE: PRGO), and raised the price target from $150.00 to $165.00.

In the report, Stifel noted, “PRGO shares have appreciated nearly 30% since late August, after pulling back following transaction announcement. This compares to +10% for S&P 500 during the same period. That said, we maintain our Buy rating on PRGO and raise our target price to $165. We think long-term growth prospects for PRGO remains very attractive, benefiting from 1) favorable macroeconomic trends, 2) important healthcare tailwinds, 3) continued shift to store brand, 4) operating leverage and 5) a flexible financial structure that includes a tax platform for future M&A. We believe PRGO is well position for continued organic growth, and expect opportunity for realized Elan acquisition accretion through the second half FY2014 from a low-risk, passive royalty stream, tax compression, and flexibility for addition bolt-on transactions through the new Irish platform.”

Perrigo Company closed on Wednesday at $151.11.