Goldman Sachs Calls Allergan (AGN) Top Idea

Goldman Sachs analysts Randall Stanicky, Gregory Waterman and Stephan Stewart maintained their CL-Buy rating for shares of Allergan Inc

The analysts said that their meetings with physicians confirmed improving demand trends and said that Allergan Inc remains one of their top investing ideas. The Goldman Sachs analysts wrote, "AGN remains our top idea with data points supporting near-term upside revision with Botox migraine approval a meaningful catalyst. We make no change to EPS which reflects a 17% 3-year CAGR (that would move higher upon migraine approval given risk adjustment) against a 15.7x 2011 EPS on pull-back. Our 12m $78 TP (P/E, EV/EBITDA, and M&A premium) implies 35% upside."