Perrigo earnings selloff a buying opportunity, says JPMorgan

JPMorgan sees an “increasingly attractive setup” for shares of Perrigo and recommends using the recent shares weakness as a buying opportunity. Despite a 10% selloff post-earnings, the firm walked away more confident that Perrigo’s infant formula remediations are on track “and if anything slightly ahead of schedule.” In addition, Opill appears to be off to a better than expected start with the company ramping investment as a result, the analyst tells investors in a research note. JPMorgan sees an “increasingly achievable path” for Perrigo’s earnings to recover to the mid-$3 per share range in the near term. It keeps an Overweight rating on the stock with a $41 price target.