UPDATE: Citi Raises BioMarin Pharmaceuticals' PT

According to a research report published this morning, Citi has increased BioMarin Pharmaceuticals' BMRN PT from $45 to $49. In the report, Citi said, "We hosted a lunch meeting with mgt that addresses several bear arguments. Overall, the key takeaways are: (1) the long-term tax rate will be lower than expected, (2) GALNS ph 3 should be successful, (3) mgt is talking up BMN-701 and PEG-PAL (both are upside to our TP), and (4) there will be more visibility on BMN-673 (PARP inh for ovarian cancer) in Q4:12. While many investors have been worried about mgt's body language re: GALNS and BMN-701, they seem very upbeat to us. We are raising our TP to $49 (+$4) due to a lower tax rate as their IP is domiciled abroad." Citi maintains its Buy rating on BioMarin Pharmaceuticals, which closed Friday at $38.