Piper Jaffray Maintains Overweight, PT of $78 on Watson Pharmaceuticals

Piper Jaffray reiterates its Overweight rating and $78 target price on Watson Pharmaceuticals (NYSE: WPI) on attractive risk/reward to the company's shares.

Piper Jaffray says, "We remain bullish on WPI shares, in the context of a 2012 P/E of 10x with strong visibility on double-digit EPS growth for 2012 and beyond (driven by Prochieve and a number of high-value U.S. generic opportunities that offer the potential for sustained cash flows)."

WPI closed at $62.21 per share on Friday.