UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Actavis plc as M&A Could Offer Additional Upside - Enact Holdings (NASDAQ:ACT)

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In a report published Thursday, Morgan Stanley analyst David Risinger reiterated an Overweight rating on

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Actavis plc

(NYSE: ACT), and raised the price target from $246.00 to $266.00.In the report, Morgan Stanley noted, “We believe more large-cap Value and GARP fund managers will come to appreciate Actavis. ACT is now hitting mega-cap radar screens since its mkt cap has stepped up from $18B in Aug. '13 to $60B today. We think ACT is an attractive alternative to large-cap pharma because it trades at a discount on 2015E P/E (14x vs. 17x) and senior mgmt. are astute leaders with a sense of urgency to create extra value via M&A.”Actavis plc closed on Wednesday at $228.55.