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