UPDATE: Jefferies Raises Price Target on Salix Pharmaceuticals to $54

According to Jefferies, Salix Pharmaceuticals

price target is raised to $54. Jefferies said that SLXP posted a big Q4 beat, but this was overshadowed by '12 guidance that was below consensus, as spending needs to escalate. “Our new $54 PT is 20x our 2013E EPS of $2.72, a premium PE we feel is justified given our view that SLXP can grow 20%+ over the next 5-6 years (~1x PEG).” Salix Pharmaceuticals closed yesterday at $46.14.