UPDATE: Goldman Sachs Downgrades Medicis Pharmaceutical to Neutral, Raises PT

In a report published Wednesday, Goldman Sachs Group downgraded its rating on Medicis Pharmaceutical Corp. (NYSE: MRX) from Buy to Neutral, but raised its price target from $42.00 to $44.00.Goldman Sachs noted, “We are downgrading Medicis Pharmaceuticals (MRX) to Neutral from Buy, as we now see limited upside to our updated price target of $44. MRX shares rallied 38% following the announcement that the company had entered into an agreement to be acquired by VRX for $44 per share. VRX expects the deal to close in the first half of 2013. Our downgrade of MRX is not in relation to a view on the announced transaction but to limited upside to our current price target. Since upgrading MRX shares on March 9, 2012, the stock is up 19.1% vs. the S&P 500 up 2.5%; over the past 12-months, MRX shares are up 14.8% vs. S&P 500 up 19.7%.”Medicis Pharmaceutical Corp. closed on Tuesday at $43.65.