NEW YORK (TheStreet) -- Barclays began coverage of Perrigo Co. (PRGO - Get Report) stock with an "overweight" rating and $180 price target on Thursday morning.

The Ireland-based company is the world's largest manufacturer of over-the-counter pharmaceutical products for the store brand market.

"We are most bullish on PRGO near term as it moves past recent headwinds in its consumer health care (CHC) business and leverages upcoming product launches to drive growth," the firm said in an analyst note.

Investors will be attracted to the company's "counter-cyclical" business model, a reflection of a more defensive posture investors are taking across healthcare, Barclays noted.

Additionally, Perrigo has greater balance sheet flexibility to add tuck-in deals to bolster growth, especially in its new branded over-the-counter business, the firm said.

Shares of Perrigo are up by 0.58% to $146.68 on Thursday morning.

Separately, TheStreet Ratings Team has a "hold" rating with a score of C+ on Perrigo.

The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.

However, as a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and weak operating cash flow.

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: PRGO

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