UPDATE: Deutsche Bank Maintains Buy, Lowers PT to $41 on Medicis Pharmaceuticals

Deutsche Bank reiterates its Buy rating on Medicis Pharmaceutical (NYSE: MRX) and lowers its price target to $41 from $44 to reflect corporate update and revised guidance.

Deutsche Bank says, "Medicis provided an update on several corporate initiatives including 2011 guidance that now includes Solodyn reserves associated with managed care contracting. The company reported that with progress to date, Solodyn coverage now extends to 64% of insurable lives in the US, close to management's target of 75%. We see MRX as capable of generating long-term EPS growth of 12%, driven by its acne and aesthetics brands, accretive acquisitions, and an emerging development pipeline."

MRX closed at $33.76 per share on Tuesday.