Mizuho analyst Irina Koffler lowered her price target for Mallinckrodt to $22 while presenting an initial view of how to value the two separate companies. The analyst reduced estimates for Acthar and took a more “conservative stance” on Amitiza’s long-term outlook. She also penalized the spin company $2 per share for estimated opioid liability. Koffler ascribes $16 per share to the branded business and $6 to the spin company. She reiterates a Neutral rating on Mallinckrodt.
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