Jazz Pharmaceuticals price target lowered to $173 from $184 at BofA

BofA lowered the firm’s price target on Jazz Pharmaceuticals to $173 from $184 and keeps a Buy rating on the shares. Q4 results and FY24 guidance “offered a few wrinkles including unfavorable near-term revenue mix from the oxybate franchise.” However, BofA still believes the oxybate business can achieve “relative stability” through several competitor launches while Jazz looks poised to generate topline growth from other portfolio products, the analyst tells investors in a post-earnings note. Following the report, the firm made small tweaks to near-term revenue estimates, but trimmed near-term EPS forecasts by mid-single digits to reflect Jazz’s increased investments.