UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Warner Chilcott

In a report published Monday, Jefferies & Company reiterated its Buy rating on Warner Chilcott WCRX, but lowered its price target from $19.00 to $15.00. Jefferies noted, “WCRX blew away 3Q EPS and again reduced OpEx/raised EPS guidance. Mgmt has done a great job cutting costs, though it's unclear how much deeper it can go. 2013 will likely be challenging given revenue declines, but management continues to highlight its secretive pipeline. Further, while no BD activity has materialized, mgmt's commentary around Derm expansion is intriguing. We lower PT to $15 to reflect payment of $4 special dividend.” Warner Chilcott closed on Friday at $11.67.