Mallinckrodt generics spin-off ‘least bad outcome,’ says Piper Jaffray

In a research note titled “The Least Bad Outcome for the Generics Business,” Piper Jaffray analyst David Amsellem reiterates an Overweight rating on Mallinckrodt with a $39 price target. Given that the generics segment is almost entirely a commodity business, Mallinckrodt not finding a buyer for its active pharmaceutical ingredient and specialty generics businesses is not all that surprising, Amsellem tells investors in a research note. He views yesterday’s news of the company announcing a spin-off as the “least bad” outcome. The analyst reiterates an Overweight rating on Mallinckrodt with a $39 price target.
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