Selloff in Allergan shares ‘overdone,’ says Raymond James

Raymond James analyst Elliot Wilbur notes that the French regulatory authority ANSM has issued a communique indicating that Allergan’s CE Mark for the company’s line of textured breast implants sold in various European countries will not be renewed based on input from GMED, the official French medical device certification body. Allergan can no longer sell textured breast implants in France and other affected European markets, and the company has ceased sales and commenced a recall of all existing supply, he adds. The analyst acknowledges that this is a “surprise but certainly not an unknown.” Further, Wilbur believes reaction is “overdone” and shares should be “aggressively accumulated” on the move. He reiterates an Outperform rating and $198 price target on the stock.
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