UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Questcor Pharmaceuticals on Strong Q4, Robust 2013 Outlook

In a report published Wednesday, Jefferies reiterated its Buy rating on Questcor Pharmaceuticals QCOR, and raised its price target from $30.00 to $38.00. Jefferies noted, “QCOR beat on the topline and EPS on strong Acthar sales despite seasonal MS softness. While mgmt. expects Q1 headwinds including continued MS softness, inventory draw-down and administrative/distribution changes, it reiterated overall Acthar growth with favorable reimbursement outlook. We increase our PT to $38 on higher Acthar sales, partially offset by increased spend.” Questcor Pharmaceuticals closed on Tuesday at $32.66.