UPDATE: Societe Generale Upgrades Shire Plc to Buy on Valuation, Cash Generation and Share Performance

Societe Generale raises its rating on Shire PLC SHPGY from Hold to Buy as it transfers coverage of the company among analysts. Societe Generale comments, "Coverage of Shire is being transferred to Stephen McGarry. The stock dropped 11% yesterday after the group announced on Friday that the FDA had approved a new generic Adderall XR made by Actavis. Four versions of Adderall XR will now be available in the US versus three previously (from Shire, Teva and Impax). We do not envisage multiple generics will be approved from here and hence forecast that Shire will continue to generate revenues and profits from the Adderall XR franchise, albeit at a lower rate than previously forecast." SHPGY closed at $82.65 on Monday.