UPDATE: Goldman Sachs Downgrades Medicis Pharmaceutical to Neutral, Raises PT

Loading...
Loading...
In a report published Wednesday, Goldman Sachs Group downgraded its rating on Medicis Pharmaceutical Corp.
MRX
from Buy to Neutral, but raised its price target from $42.00 to $44.00. Goldman Sachs noted, “We are downgrading Medicis Pharmaceuticals (MRX) to Neutral from Buy, as we now see limited upside to our updated price target of $44. MRX shares rallied 38% following the announcement that the company had entered into an agreement to be acquired by VRX for $44 per share. VRX expects the deal to close in the first half of 2013. Our downgrade of MRX is not in relation to a view on the announced transaction but to limited upside to our current price target. Since upgrading MRX shares on March 9, 2012, the stock is up 19.1% vs. the S&P 500 up 2.5%; over the past 12-months, MRX shares are up 14.8% vs. S&P 500 up 19.7%.” Medicis Pharmaceutical Corp. closed on Tuesday at $43.65.
Posted In: Analyst ColorDowngradesPrice TargetAnalyst RatingsGoldman Sachs Group
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...