Jefferies Upgrades Medicis To Buy (MRX)

Jefferies & Co. is out with a research update on Medicis (NYSE:

) today. The firm's analysts wrote that "Investors have already been warming up to Medicis, but we think there is plenty more; hence we are upgrading from HOLD to BUY and raising our target to $41 in conjunction with our 2011 EPS climbing from $2.46 to $2.72, and our use of a 15x multiple." During today's trading session, MRX shares have jumped 1.58% to $29.61. The stock trades at a trailing P/E of 14.51. The company has a market capitalization of $1.7 billion. Medicis Pharmaceutical Corporation is a specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological and aesthetic conditions.