UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Salix Pharmaceuticals Ltd. on Street Estimates Upside

In a report published Tuesday, Jefferies analyst Corey Davis reiterated a Buy rating on

, and raised the price target from $63.00 to $70.00. In the report, Jefferies noted, “Apriso for ulcerative colitis is SLXP's 2nd biggest drug. It's seen a marked boost from the disruptive Asacol (now discontinued) to Delzicol switch (a competitor). If it continues, and SLXP retains the recent windfall, we see upside to Street estimates. SLXP is one of our top-picks as one of the best growth stories in Spec Pharma, and we look forward to continued Xifaxan growth, IBS data by end'13, and additional BD. Raise to $70.” Salix Pharmaceuticals Ltd. closed on Friday at $60.39.