Piper Jaffray Maintains Overweight, $43 PT on Medicis Pharmaceuticals

Piper Jaffray reiterates its Overweight rating and $43 target price on Medicis Pharmaceuticals (NYSE: MRX) as shares pressure due to negative 4Q guidance revision but long term cash flow visibility.

Piper Jaffray says, "Though Medicis shares will likely be pressured following management's downward revision to 4Q11 guidance due to additional Solodyn sales reserves, we remain bullish on the name. With over $200M in operating cash flows for 2012 and beyond on an enterprise value of under $2B, we believe that MRX's risk/reward profile remains attractive."

MRX closed at $33.76 per share on Tuesday.