UPDATE: Jefferies Raises PT to $16 on Warner Chilcott Following Solid Quarter

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Jefferies maintained Warner Chilcott (NASDAQ: WCRX) with a Buy rating and raised the price target from $15.00 to $16.00.Jefferies said, "WCRX easily beat estimates for the 4th straight Q but we're still talking about a melting ice-cube for now, and Q4 did benefit from Asacol stocking that will reverse. Recent '13 guidance does seem conservative given WCRX likely has more OPEX leverage. We tweak up target to $16 on higher '14-'15 ests., and maintain a ‘Buy' given undisclosed pipeline and BD potential, but we'd watch out for franchise leakage in the Delzicol switch."Warner Chilcott closed at $13.76 on Friday.

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