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NEW YORK (TheStreet) -- Mallinckrodt's (MNK) stock price target was cut to $84 from $87 at Deutsche Bank. The firm maintained a "buy" rating on shares.

"We updated our MNK model to reflect: the company's move to a calendar fiscal year-end and the planned divestiture of its nuclear imaging business to IBA Molecular," the firm wrote in a note received today.

Last week, Mallinckrodt said it would sell its nuclear imaging business to IBA for about $690 million.

"We note the assumptions we are making for the removal of the nuclear business are preliminary and subject to change; we expect more granular information from the company in October, at which time our estimates could change somewhat," Deutsche Bank added.

Deutsche Bank also maintained its "buy" rating based on the strength of the base business and potential for value-added deals, which are not reflected in the firm's model.

The Dublin-based company is engaged in the specialty pharmaceuticals and nuclear imaging businesses.

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Shares of Mallinckrodt were declining in mid-morning trading on Wednesday.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, attractive valuation levels and good cash flow from operations.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: MNK

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