NEW YORK (TheStreet) -- Mylan Inc (MYL) shares were upgraded to "buy" from "neutral" by Citigroup (C) on Friday. The firm raised the company's price target to $61 from $52.
Mylan is up 5.6% to $52.67 in early trading Friday.
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The upgrade comes on the heels of the news that Mylan is set to acquire Swedish drug manufacturer Meda AB in a mostly stock deal. However, news broke Friday morning that Meda's board has rejected the takeover bid.
"We had previously cited Mylan as one of the companies in the spec pharma/generics space most likely to benefit from a potential tax inversion transaction. We are raising our TP to $61 and upgrading the stock to Buy in order to reflect the potential operational and tax synergies from this strategic partnership," the note said.
Separately, TheStreet Ratings team rates MYLAN INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MYLAN INC (MYL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."