UPDATE: Deutsche Bank Raises PT on Medicis Pharmaceutical to $36 (MRX)

Deutsche Bank is out with its report today on Medicis Pharmaceutical MRX, raising its price target from $35 to $36. In a note to clients, Deutsche Bank writes, "We are updating our model based on trends for currently marketed products and the discontinuation of LipoSonix and Plexion. We are modestly lowering our EPS ests from $2.53 to $2.51 in 2011, $2.85 to $2.80 in 2012, and $3.19 to $3.14 in 2013. Our new 12-month PT is $36, based on 13x our new 2012 EPS est. Potential risks to our PT being achieved principally relate to the aesthetic franchises and Rx trends for Solodyn and Ziana." Deutsche Bank maintains Buy on MRX. At the time of posting, shares of MRX were trading pre-market at $30.35, up 17.54% from Friday's close.