Citigroup starts Mylan Labs coverage with buy rating

Mylan Labs coverage was initiated with a 1M rating (buy/medium risk) by Citigroup pharmaceuticals analyst

Andrew Swanson on beliefs that the fentanyl duopoly and Ditropan XL challenge win should support near-term earnings despite a deteriorating pricing environment. Citigroup said Mylan is responding to price pressures by expanding its capacity and product line. Longer term, outlicensing and the eventual launch of nebivolol should bolster margins and drive growth. Shares of the Canonsburg, Pa., pharmaceutical company were up $0.60, or 3.09%, at $19.99 on volume of 1,614,300 shares versus the three-month running average of 1,393,790 shares.

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