Broker Recommendations for ACR Macquarie 14-Dec-12 Target $2.60 (was $3.84). The broker notes US testosterone market growth slowing and the broker also thinks the company's ability to grow share is diminished given increased marketing efforts by peers and the prospect of new entrants into the market.
The broker is of the view the company's FY13 Axiron guidance will be difficult to achieve and cuts FY13-14 net profit forecasts by 25%, 6% and 11%. With slowing market growth, flat market share and intensifying competition no looking to be the story, the recommendation is also cut to Underperform from Neutral.
Downgrade to Underperform from Neutral
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Anyone have access to this research? Seems a little negative - any views?
ACR Price at posting:
$2.79 Sentiment: LT Buy Disclosure: Held
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