Piper Sandler downgrades Perrigo to Neutral, lowers price target to $27

As previously reported, Piper Sandler analyst Korinne Wolfmeyer downgraded Perrigo (PRGO) to Neutral from Overweight with a price target of $27, down from $34. The firm says it has not seen a visible directional improvement in infant formula yet, and without this recovery, the model could be under more pressure. Opill ramp could also take some time, and there’s likely to be less of a trade-down benefit for the remainder of the business in 2025, Piper adds. As such, it doesn’t see much upside support to estimates, and though the firm does like the valuation here, that support is needed for the multiple to pick back up.