UPDATE: Jefferies Upgrades Shire to Buy on Entry Opportunity, Pipeline Outlook

Jefferies raised its rating on Shire SHPG from Hold to Buy and increased its price target from $100 to $117. Jefferies commented, "We upgrade to Buy as pipeline news is warming-up and there are fewer uncertainties for the important ADHD franchise, after a challenging YTD for the stock down c.20% (-33% vs sector DRG). Robust +13% 2013-16E EPS CAGR justifies a 15% premium to peers, versus the currently depressed 10% discount and 20% haircut to its own historic forward PE. Heightened confidence in the mid-term growth trajectory should trigger a re-rating, in our view." Shire closed at $87.27 on Wednesday.