Viatris price target raised to $13 from $11 at Piper Sandler

Piper Sandler analyst David Amsellem raised the firm’s price target on Viatris to $13 from $11 and keeps a Neutral rating on the shares. The firm notes that at Viatris’ R&D day, senior management provided more color on late-stage programs for the two assets that the company recently in-licensed per its collaboration with Idorsia. Piper likes the transaction structure as an efficient way to layer on innovative assets without getting in the way of debt reduction and the return of capital to shareholders. These opportunities could certainly improve visibility into EBITDA growth over time to the extent they bear fruit, the firm adds. Absent that, the commercial mix at present does not give Piper much confidence in sustained multiple expansion.