Morgan Stanley starts Mallinckrodt at Buy

"Unlike commoditized generics, controlled substances enjoy limited competition," Morgan Stanley's Christopher Caponetti notes, initiating coverage of Mallinckrodt (MNK +4%) at Buy.

The company's position as "a leader in controlled substance generics" should pay off as prices rise over time.

Price target is $60, representing upside of 15% from Tuesday's close.

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