UPDATE: Wedbush Raises PT to $26 on Durata Therapeutics on Favorable Tax Strategy

Wedbush maintained Durata Therapeutics

with an Outperform rating and raised the price target from $20.00 to $26.00. Wedbush noted, "DRTX reported 2012 EPS of ($7.48), compared to our ($4.66) estimate, largely on average share outstanding calculations from its recently completed IPO. … Management announced plans to shift its intellectual property to lower the company's anticipated future tax liabilities. We are adjusting our out-year tax rates to an average 17.5% in-line with the mid-to-high teen range guided to by management." Durata Therapeutics closed at $8.90 on Monday.