UPDATE: Goldman Sachs Downgrades Allergan on Removal from America's Buy List
In a report published on Friday, Goldman Sachs analyst Jami Rubin Downgraded Allergan (NYSE: AGN) from Buy to Neutral and maintained a $110 price target on the company.
In the report, Goldman Sachs stated, "We downgrade AGN from Buy to Neutral, within our Attractive coverage view; our estimates and 12-month price target of $110 are unchanged. We now see greater upside to FRX (Buy) with a $50, 12-month target, on the potential for significant restructuring/strategic alternatives and pending new management changes later this year. While AGN's base business remains solid (we forecast EPS growth of 15% over the next several years) driven by strong sales of Botox and the ophthalmic businesses, we see few near term catalysts that are likely to lead to upside EPS revisions or P/E expansion. Since adding to Buy list (4/19/10), AGN is +52% vs. S&P +33%."
Allergan closed on Thursday at $96.24.
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