UPDATE: Citigroup Raises Target on Allergan to $110

Citigroup increases its price target to $110, up $16, on Buy-rated Allergan AGN ahead of AGN's R&D meeting on March 28th. Citigroup says, "We expect the update to add confidence in AGN's ability to sustain a mid-teen long-term EPS growth rate beyond 2015. AGN's pipeline, its broader emerging markets commercial footprint, and underappreciated operating leverage are placing upward pressure on our estimates. We conservatively model a 2011-2015E EPS CAGR of 12%+. Our $110 PT assumes AGN trades at 22.6x our 2013E EPS of $4.86 (vs. its historical median P/E of 26.7x); our DCF yields ~$114/share." AGN closed at $94.74 a share on Monday.