Why Mylan (MYL) Stock Is Climbing Today

NEW YORK (TheStreet) -- Mylan (MYL) shares are up 1.7% to $52.09 on Tuesday after Bank of America (BAC) analysts reiterated its "buy" rating on the stock and raised its price target to $67 from $62.

That followed the announcement of the biotech company's $5.3 billion purchase of Abbott Laboratories' (ABT) generic brand medicine portfolio.

"This deal makes strategic sense to us as it further diversifies MYL's revenue base (product mix, geography) and also affords MYL the ability to pursue additional business development in a more efficient tax structure; the company will re-domicile ("tax inversion") in the Netherlands on closing," said Bank of America analysts.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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 few notable 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 increase in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

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