Market Overview

UPDATE: Canaccord Genuity Initiates Coverage on Allergan with Hold Rating, $101 PT

Related AGN
S&P 500 Closes Above 2,000; Dow Hits New All-Time High As Markets Continue To Rally
3 Pharma Companies That Could Deliver Breakthroughs In 'Plantibody' Technology
Allergan to Slash 13% of its Global Workforce (Fox Business)

In a report published Wednesday, Canaccord Genuity initiated coverage on Allergan (NYSE: AGN) with a Hold rating and $101.00 price target.

Canaccord Genuity noted, “It's hard not to like Allergan, and we do. However, we're launching on the stock with a HOLD rating and $101 price target, choosing to wait for a better entry point. The short-term concerns that have plagued the stock are largely assuaged, but there are two primary things that hold us back: (1) our below-consensus forecasts, and (2) lack of meaningful catalysts near term. We view valuation as reasonable but not enough to drive a BUY rating on its own. We've delved deeper into these and other primary areas of debate in the stock.”

Allergan closed on Tuesday at $89.84.

Posted-In: Canaccord GenuityAnalyst Color Initiation Analyst Ratings

 

Related Articles (AGN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters