Perrigo price target lowered to $20 from $40 at Canaccord

Canaccord lowered the firm’s price target on Perrigo (PRGO) to $20 from $40 and keeps a Buy rating on the shares. The firm noted Q3 was a beat but sales were weak in light of OTC trends and lower nutrition sales due to velocities below expectations and lapping a period where infant formula benefited from selling into retailers due to the port strike last year.