Markets & Finance

Oppenheimer Ups Perrigo To Buy

Oppenheimer upped its opinion on Perrigo (PRGO) to buy from neutral on Friday, explaining that the over-the-counter drug retailer's stock price already reflects uncertainties.

Analyst Linda Weiser believes the downside in Perrigo's stock price is limited to about 10%, while its upside price potential is about 25%. She noted uncertainties surrounding the placement of pseudoephedrine (PSE)-containing over-the-counter products, but says that the resolution of such issues could come on September 7 when Perrigo reports its fourth quarter results. Perrigo will likely provide fiscal year 2006 (ending June) guidance, including clarification of the pseudoephedrine issue's impact on its earnings. Weiser set her 12-month price target on the stock at $17.50.

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