UPDATE: Bank Of America Reiterates On Akorn As Diverse Niche Player

In a report published Thursday, Bank of America analyst Sumant S. Kulkarni reiterated a Buy rating on Akorn (NASDAQ: AKRX), and raised the price target from $28.00 to $33.00.

In the report, Bank of America noted, “We continue to like AKRX's positioning as a niche player in ophthalmology, generic injectables and liquids/semi-solid products. The pending purchase of VersaPharm (private co) will provide AKRX with a presence in the dermatology space. We believe an increasingly diversified platform in these attractive niches within generic pharma helps set AKRX apart from its peers. We are raising our estimates on the addition of VersaPharm and modestly higher standalone AKRX sales (for potential 2H14 launches). Our new 2014/15E EPS are $0.83/1.37 vs. $0.79/1.17. We are also raising our DCF-based PO from 28 to $33, and are reiterating our Buy rating.”

Akorn closed on Wednesday at $28.69.