UPDATE: Stifel Nicolaus Initiates Coverage on Jazz Pharmaceuticals with Buy Rating, $80 PT on Multiple Positive Factors

In a report published Friday, Stifel Nicolaus analyst Annabel Samimy initiated coverage on

with a Buy rating and $80.00 price target. In the report, Stifel Nicolaus noted, “We are initiating coverage on Jazz Pharmaceuticals with a Buy rating on the shares and $80 target price. We believe JAZZ share value still incorporates concerns regarding the near to medium-term threat of generic entry on lead product, Xyrem for narcolepsy. We think the company's extensive patent estate and proprietary distribution system provide adequate regulatory/logistical hurdles for generic entry, protecting Xyrem through 2019. Focusing on specialized products with complex commercialization, Jazz's ‘high-touch' approach has successfully delivered 50%+ revenue and EPS growth, with further prospects for sustained growth. Along with its high-growth assets, Jazz's lean infrastructure, low taxes and strong cash flow/balance sheet for accretive transactions, should help drive further stock momentum.” Jazz Pharmaceuticals plc closed on Thursday at $66.34.