Perrigo initiated with a Buy at Canaccord

Canaccord analyst Susan Anderson initiated coverage of Perrigo with a Buy rating and $49 price target. The company recently restructured its portfolio of brands and shifted focus away from prescriptions and toward self-care with the acquisition of several self-care brands, the analyst tells investors in a research note. The firm believes Perrigo’s new brands and focus on the self-care market, coupled with synergies and cost savings, will lead to high-teens earnings growth over the next several years. In addition, the company is well positioned in a weaker macro environment given its private label exposure, adds the firm.