UPDATE: Jefferies Raises PT on Allergan on Q4 EPS

In a report published Wednesday, Jefferies reiterated its Hold rating on Allergan AGN, and raised its price target from $95.00 to $100.00. Jefferies noted, “AGN did what it does best: beat EPS and gave strong guidance. Q4 adj-EPS of $1.15 ‘missed', but adjusting for the expected R&D tax credit that got delayed until Jan., EPS would have been $1.21 vs. JEF/Street $1.19/$1.18. 2013 EPS guidance was 0-2% above consensus. AGN is best-in-class, and deserves the premium multiple, but we see aspirational 10% LT REV growth as challenging with the pipeline is mostly early. Raise to $100.” Allergan closed on Tuesday at $106.70.