Sterne Agee Adjusts Estimates For Salix Pharmaceuticals

In a report published Friday, Sterne Agee analyst Shibani Malhotra reiterated a Buy rating and $162.00 price target on Salix Pharmaceuticals Ltd. (NASDAQ: SLXP).

In the report, Sterne Agee noted, “2Q14 results were lower than expected due to continued inventory shifts as Salix integrates Santarus, and lower EPS versus consensus was driven by increased share count. Due to this and new 3Q/FY14 guidance our 3Q14E, 4Q14E, and 2014E EPS go to $1.53, $1.95, and $6.16, from $1.69, $1.85, and $6.24, respectively, on revenues of $395.9mn, $437.6mn, and $1,599.8mn from $418.8mn, $427.6mn, and $1,626mn, respectively. Our PT remains $162.”

Salix Pharmaceuticals closed on Thursday at $133.55.