ZAGG Shares a Buy, Analyst Sees Upside for Perrigo from Novartis

With no major rally swing in one direction or the other in the U.S. financial markets yet today, we take a look at the Wall Street analyst coverage of the following 5 companies:

PHH Corporation (NYSE:PHH): Sterne Agee lower target for PHH Corp. from $24 to $20. Sterne Agee reduced its estimate for PHH fourth quarter earnings-per-share after the announcement of its CEO resignation and assumption of that role by its former COO.  The firm feels the new CEO will concentrate less or mortgage origination and more on reducing corporate debt. The firm maintains PHH’s Buy rating.

Novavax, Inc. (NASDAQ:NVAX): Wedbush say a significant Novavax partnership announcement is expected in 2012. Wedbush thinks investors have undervalued Novavax’s rabies vaccine and the coming partnership announcement should cause a sharp rally for the stock. The firm reiterates Outperform with a target of $6.

Resources Connection Inc. (NASDAQ:RECN): William Blair says there is still uncertainty after second quarter results from Resources Connection. William Blair says the company increased uncertainty about strategy, growth and the company’s core value. Still, the firm thinks Resources Connection should be thriving and keeps RECN at Market Perform.

ZAGG Incorporated (NASDAQ:ZAGG): Craig-Hallum says buy the ZAGG weakness. Craig-Hallum called shares “washed out” due to iFrogz share expiration and a CEO margin call sale. The firm calls for aggressive buying as it reiterates a Buy rating.

Perrigo Co. (NASDAQ:PRGO): Collins Stewart says Perrigo could have an upside from the Novartis plant shutdown.  Novartis (NYSE:NVS) temporarily suspended production at the Lincoln, Nebr. plant where the company’s over-the-counter drugs were manufactured. Except for Benefiber, Perrigo produces store brand versions of all of Novartis’ OTC products. The plant shutdown could provide a first half 2012 upside for Perrigo and Collins Stewart reiterates its Buy rating.

To contact the reporter on this story: Jim Wilkerson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com