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Actionable news in MNK: MALLINCKRODT PUBLIC LIMITED COMPANY,

Mallinckrodt Downgraded To Market Perform From Outperform At Wells Fargo

Fargo analyst David Maris downgraded Mallinckrodt to Market Perform and cut his price target for the shares to $22 from $60. While the magnitude of the Q3 revenue miss does not warrant the 35% decline in shares yesterday, expectations are shifting from Acthar being a longer-term growth product to one facing longer-term declines, Maris tells investors in a post-earnings research note titled "Inexpensive Stock, Lost Conviction." The analyst finds it prudent to step to the sidelines until improvement in the drug is seen. Mallinckrodt closed yesterday down $11.07 to $20.11.


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