UPDATE: Piper Jaffray Raises PT to $69 on Jazz Pharmaceuticals; Growth Visibility is Solid
Piper Jaffray maintained Jazz Pharmaceuticals (NASDAQ: JAZZ) with a Overweight and raises the price target from $65.00 to $69.00.
Piper Jaffray commented, "JAZZ remains our top mid-cap spec pharma pick for 2013, with strong visibility on consistent long-term double-digit EPS growth, high barriers for potential Xyrem generics, all in the context of a 2013 P/E of only 10x. Further, with JAZZ still committed to additional acquisitions of commercial or near-commercial assets, and a strong balance sheet ($387M in cash at YE2012) and potentially more than $400M in operating cash flow generation in 2013, the company is well positioned to execute on a transaction that provides near-term earnings accretion and further revenue diversification in our view."
Jazz Pharmaceuticals closed at $56.83 on Tuesday.
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