UPDATE: Deutsche Bank Maintains Buy, Raises Target to $44 on Medicis Pharma

Deutsche Bank reiterates its Buy rating on Medicis Pharmaceuticals Corporation (NYSE: MRX) and raises its target price to $44 from $40 as it updates its model to include closing of Graceway acquisition.

Deutsche Bank says, “We are adding the Graceway portfolio to our model (revs of $130M in 2012, $140M in 2013). We are also lowering Solodyn revs from $407M to $385M in 2012, now assuming ASPs of $275 (vs previous $290). Our new 2012 and 2013 rev est's are $888M (was $802M) and $989M (was $895M). Our cash EPS est's are $2.54 in 2011, $2.83 in 2012 (+12% y/y), and $3.18 in 2013 (+12% y/y). This incorporates a significant increase in R&D spend.”

MRX closed at $33.30 per share on Monday.