- BofA cuts Salix Pharmaceuticals (SLXP) to Underperform from Neutral.
- This is a valuation call. Here's analyst Gregg Gilbert: "With the stock now trading above our PO, which we believe reflects a relatively bullish set of assumptions, we are moving to an Underperform rating."
- The bullish assumptions: "Stronger performance for the base business, more credit for the late-stage pipeline, and significant contribution from the Santarus acquisition."
- $86 target maintained.
- SLXP -1.7% premarket
BofA turns bearish on Salix Pharma
Jan 7 2014, 09:12 ET