UPDATE: Allergan Upgraded by Citigroup on Strong Fundamentals
Tuesday morning rating updates include an upgrade from Citigroup analyst Liav Abraham, boosting Allergen (NYSE: AGN) from Neutral to Buy, with a price rating of $130 from $95.
Citigroup is sold on Allergan's long-term growth with strong balance sheet and cash flow to back up their rating change. The report notes, "Following the recent removal of the Restasis and Lumigan overhangs, the fundamental risk-reward profile of AGN has shifted, in our view, with the stock offering the most attractive organic growth profile amongst the peer group, along with significant balance sheet optionality."
AGN is currently trading up around the $114 mark after closing Monday at $112.26.
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