Mylan NV (NASDAQ: MYL) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company was the center of an analyst upgrade, leading to excitement among investors and sending the stock on a run for the top. Today, we’ll talk about the analyst upgrade, what we’re seeing from MYL, and what we’ll be watching for with regard to the stock ahead.
MYL Gains Big On Upgrade
As mentioned above, Mylan is having an incredibly strong start to the trading session this morning after the company became the center of an analyst upgrade. Early this morning, various reports were released surrounding the fact that a Morgan Stanley analyst has upgraded the stock.
According to the reports, Morgan Stanley analyst David Risinger has taken up a bullish position on the generic drug maker for the first time. In his report, Risinger cited confidence in growing prospects relative to peers and optimism over its drug pipeline. As a result, Risinger raised the rating on MYL to overweight. He also increased the price target on the stock from $39 to $50. Here’s a snippet from the note that Risinger wrote to his customers:
Beyond its strong pipeline of new products, Mylan has opportunities to gain share relative to generic competitors which are facing challenges.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. Today’s news surrounding MYL proved to be overwhelmingly positive. After all, a highly regarded analyst has taken a bullish opinion of the stock and has put his name on the line to say that he believes that the stock will rise. So, it’s no surprise to see that Mylan is making its way up in the market today. Currently (11:02), MYL is trading at $43.39 per share after a gain of $1.85 per share or 4.45% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MYL. In particular, we’re interested in seeing if the company does start to gain more share in the generics space as Risinger suggested. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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