UPDATE: Piper Jaffray Upgrades Santarus to Overweight on Cash Generation

Piper Jaffray raised its rating on Santarus

from Neutral to Overweight and increased a price target from $7 to $10. Piper Jaffray noted, "With last week's appellate court ruling on Zegerid and the exit of the Par generic from the Zegerid market, visibility on meaningful cash generation has improved significantly. With net cash likely to approach $200M by 2H14 (with a market cap of only around $500M) and limited risk of generics on top seller Glumetza and Zegerid prior to 2016, we believe SNTS shares are attractive (2013 and 2014 P/E's of 9x and 7x, respectively) even with the recent strength." Santarus closed at $7.48 on Friday.