UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on Allergan
In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Allergan (NYSE: AGN), and raised its price target from $106.00 to $110.00.
BofA Merrill Lynch noted, “Based on AGN's planned acquisition of MAPP, we updated our model to reflect the contribution from Levadex (acute migraine) and are raising our PO to $110 (from $106). We have been bullish on the potential of Levadex, given the unique attributes of the product, large market opportunity, and strong partner (AGN) for the US specialist market. With the acquisition of MAPP and global rights to Levadex, AGN appears similarly bullish on the opportunity (the company sees peak sales potential of ~$500mn). Importantly, AGN believes that it can effectively target non-specialists, who are high prescribers of migraine drugs, and had already planned to deploy a new sales force in 2014 to promote Botox for chronic migraine to these physicians.”
Allergan closed on Tuesday at $104.47.
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