UPDATE: Morgan Stanley Resumes Coverage on Actavis plc with Overweight Rating, $246 PT Following Forest Acquisition

In a report published Wednesday, Morgan Stanley analyst David Risinger resumed coverage on

with an Overweight rating and $246.00 price target. In the report, Morgan Stanley noted, “The Forest acquisition is financially compelling and sets the stage for more value-creating M&A. We expect cons. ests. will rise due to synergy upside and Namenda durability. New $246 PT is 14.5x ‘15E EPS of $16.89 and 13x ‘15E EBITDA of $6.23B.” Actavis plc closed on Tuesday at $215.06.