UPDATE: Jefferies Increases PT to $60 on Questcor Pharmaceuticals; Rx Update Points to Solid Q2

Jefferies reiterated its Buy rating on Questcor Pharmaceuticals

and raised its price target on shares from $56 to $60. Jefferies said, "Based on QCOR's Jun Acthar Rx update, we est Q2 net sales of $111M on 4,710 shipped vials, beating our est of $100M (cons $103M). We raised our PT to $60 from $56 on increased sales and EPS ests given continued robust Acthar outlook. … Our DCF-based PT of $60 assumes 12% disc. and 2% term. growth. Risks incl underreserving for Medicaid rebates, commercial risk, and/or pot'l generic competition." Questcor Pharmaceuticals closed at $50.23 on Friday.