UPDATE: Cantor Fitzgerald Upgrades Warner Chilcott to Buy on Valuation,

Cantor Fitzgerald raised its rating on Warner Chilcott

from Hold to Buy and increased its price target from $14 to $15. Cantor Fitzgerald commented, "We believe that WCRX has traded down significantly post the secondary offering due to a lack of catalysts, minimal expectations of near-term M&A, and continued concerns around the 2014 patent cliff. While we also remain cautious around the patent cliff, we do think the stock is oversold, especially ahead of what we believe to be a very strong quarter. …. Because of the more attractive valuation (driven by lower SG&A, a lower discount period, and additional cash expected in 3Q:12), the dip in share price and the potential for positive catalysts, we have upgraded our rating from HOLD to BUY." Warner Chilcott closed at $11.35 on Tuesday.