UPDATE: Stifel Nicolaus Increases Target to $110 on Allergan

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Stifel Nicolaus raises its price target on Buy-rated Allergan
AGN
from $90 to $110 on takeaways from the company's R&D day suggesting future sources of growth. Stifel Nicolaus says, " The company laid out several near term opportunities with the release of positive Phase III data and filing in idiopathic OAB as the biggest surprise, which we believe will begin generating growth in the near term. Additionally, Allergan introduced a new bio-compatible surgical mesh, SeriScaffold, for launch in 2013. However, the most valuable programs, in our view, are the longer term investments the company has made in Botox for osteoarthritis (a new area), targeted toxin for neuropathic pain, anti-VEGF to treat the large markets of aged-related macular degeneration, and bimatoprost for hair loss. With the revenue potential of these programs, Allergan's long-term growth is tangible and sustainable." AGN closed at $94.05 a share on Wednesday.
Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsStifel Nicolaus
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