Perrigo (PRGO) Target Reduced as JPMorgan Refreshes Estimates

Group 1: Company Performance - Perrigo Company plc reported third-quarter revenue of $1.04 billion, reflecting a 4.06% decline compared to the same period last year [3] - Operating income for the quarter was $73 million, down from $80 million a year earlier [3] - Despite soft over-the-counter consumption, Perrigo gained dollar, unit, and volume share in five of its seven store-brand categories, indicating strong in-market performance [3] Group 2: Strategic Initiatives - On November 5, Perrigo announced a strategic review of its infant formula business, aiming to shift towards higher-margin branded products [4] - The company is a leading supplier of store-brand baby formula, which has faced challenges due to quality issues at manufacturing facilities [4] Group 3: Market Position and Analyst Ratings - Perrigo is included among the Best Stocks for a Dividend Achievers List, highlighting its position in the market [1] - JPMorgan reduced its price target for Perrigo to $18 from $20 while maintaining a Neutral rating, citing updates to its financial model [2]