Perrigo gains amid new long call at Hedgeye

Mar. 20, 2023 10:47 AM ETPerrigo Company plc (PRGO)By: Joshua Fineman, SA News Editor

Perrigo (NYSE:PRGO) rose 1.4% amid a new long idea at Hedgeye as the analyst sees the challenges of 2022 behind the company.
"With depleted inventory levels at retail for Cough & Cold, a better outlook for Oral Care from lower freight rates, additional Infant Formula production capacity (better for revenue growth and margins), continued synergies from HRA, and margin recapture from pricing initiatives Perrigo's 2023 is set up to put the challenges of 2022 behind," Hedgeye analyst Daniel Biolsi wrote in a note late Friday.
"Management’s three-year outlook is well above the long-term growth formula, but it reflects lapping non-repeating events and management’s confidence in both recovery and growth," Biolsi added.
Hedgeye is hosting a presentation on Perrigo (PRGO) on Tuesday.
Earlier this month Perrigo a new buy at Canaccord with focus on self-care products, cost savings.