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UPDATE: Jefferies Raises PT to $95 on Allergan; Promotional Timing Clouds Q1

Jefferies increases its price target from $82 to $95 on Hold-rated Allergan (NYSE: AGN) as the company posts a mixed quarter due to promotional timing.

Jefferies notes, "AGN reported 1Q revs slightly above the Street, but EPS a penny below consensus, and guided to 2Q below expectations while maintaining full-year guidance. Facial aesthetics weakness was apparently attributable to promotional timing, though likely has some spooked. While we don't see much to pick at, it wasn't a pristine quarter, and share weakness makes sense in the context of AGN's relatively lofty valuation (~20x vs. peers at ~12x)."

AGN closed at $96.39 on Wednesday.

Posted-In: JefferiesAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

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