UPDATE: Deutsche Bank Lowers PT on Shire to $93

Deutsche Bank reiterates a Buy rating on Shire PLC

and lowers its price target from $105 to $93. Deutsche Bank notes, “Shire has been living with the threat of additional generic competition to Adderall XR (AXR) for many years. Nevertheless, news that the FDA has at least set in place generic guidelines and approved a non-authorized generic is still somewhat of a surprise. The impact on consensus EPS should be largely limited to near-term ests as we believe most observers assumed generic competition in 2013 already. We trim our 2012E and 2013E EPS but continue to expect double-digit EPS growth starting next year. And based on what we view as one of the best “young” portfolios in specialty pharma, largely comprised of long life cycle products, we maintain our Buy rating.” Shire closed at $91.36 on Friday.