BofA On Actavis: 'ACT Now And Don't Wait Much Longer'

In a report published on Thursday, Bank of America Merrill Lynch analyst Sumant S. Kulkarni maintained a Buy rating on

, while raising the price target to $350. "While early, ACT appears confident in its progress of the integration of Allergan, and we believe investors who have waited to look at this ~$120bn cap name should not do so much longer. With growth potential that we believe is under-appreciated by the market, ACT with its diverse business is well-positioned to drive shareholder value," Kulkarni said. The company reported strong Q1 results, based on which the revenue and generic margin estimates were raised. Actavis also received approval for eluxadoline. The company is expected to file for cariprazine in the treatment of schizophrenia and bipolar mania in early June, with approval and launch likely in 2016. The generic version of Namenda is expected in July 2015. The analyst expects to get updates on the outlook and pipeline for 2015 when the company reports its Q2 results in August.