UPDATE: Canaccord Genuity Downgrades MAP Pharmaceuticals to Hold Following Takeover

Canaccord Genuity downgraded MAP Pharmaceuticals

from Buy to Hold and raised the price target from $23.00 to $25.00. Canaccord Genuity commented, "Post yesterday's announcement of Allergan's (AGN) intention to acquire Map Pharmaceuticals (MAPP) and subsequent conference call we're downgrading MAPP from Buy to HOLD and raising our price target to $25, in line with the deal price. The stock was +59% today, closing modestly below the announced acquisition price, and we expect a successful closing in March. We like the fit with AGN, and post call and follow-up we haven't heard anything that changes our view." MAP Pharmaceuticals closed at $24.71 on Wednesday.