Perrigo price target lowered to $40 from $42 at Canaccord

Canaccord analyst Susan Anderson lowered the firm’s price target on Perrigo (PRGO) to $40 from $42 and keeps a Buy rating on the shares. The firm updated its model following Q2 results where sales were down but management reiterated both top and bottom-line expectations which are achievable given the company’s limited tariff exposure, opportunity to benefit from trade down, new contract wins in PL OTC, and continued strong European business.