UPDATE: Stifel Nicolaus Raises PT to $118 on Allergan on Solid 2013 Outlook
Stifel Nicolaus maintained Allergan (NYSE: AGN) with a Buy rating and raised the price target from $110.00 to $118.00.
Stifel Nicolaus noted, "2013 guidance was robust, with product sales of $5.9-6.2bn (Consensus at high end of range) and EPS between $4.75-4.83 (15-17% growth, Consensus $4.74). Notably, guidance excluded obesity intervention (discontinued business), indicating strength in all other business lines, namely Botox with iOAB launch. With Allergan's 10% topline growth and mid-teens EPS growth aspirations intact, we look ahead to multiple 2013 catalysts (Levadex and Voluma FDA decisions, and bimatoprost and DARPin developments). As Allergan continues to execute on its growth plans, we reiterate our Buy and raise our TP to $118 to incorporate recent acquisitions."
Allergan closed at $106.70 on Tuesday.
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