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Mylan shares to rally nearly 60 percent as EpiPen controversy fades: Raymond James

Jim Bourg | Reuters

Raymond James on Monday upgraded shares of Mylan to strong buy from market perform, citing valuations that have reached a multidecade low after the debacle around EpiPen pricing.

"The basis for the upgrade is valuation driven, as negative headlines around EpiPen pricing practices and concerns over deteriorating generic pricing have driven multiple levels to 20-year lows," wrote equity analyst Elliot Wilbur.

After Mylan's announcement of a $465 million settlement with the Department of Justice on Friday, analysts at Raymond James believe a major overhang on the stock has been removed, allowing investors to once again focus on fundamentals.