UPDATE: Piper Jaffray Raises Price Target on Theravance to $35

According to Piper Jaffray, Theravance

price target is raised to $35. Piper Jaffray said that it is raising its price target on THRX to $35 from $31 as we add sales of two pipeline drugs for COPD: LAMA/LABA (‘719/vilanterol) and MABA/ICS (‘081/ fluticasone furoate) to our model. “Our $35 PT is based on 35x P/E (up from 30x due to multiple opportunities) 2016E FT non-GAAP EPS of $2.44, (previously 2015E EPS of $1.64), disc at 35%.” Theravance closed yesterday at $19.58.