UPDATE: Goldman Sachs Upgrades Medicis Pharmaceutical to Buy

Goldman Sachs raises its rating on Medicis Pharmaceutical MRX to Buy and raises its price target to $43 as the company leverages its key strengths. Goldman Sachs says, "We believe that after years of playing defense against exclusivity and reimbursement overhangs, Medicis has mitigated key downside risks, allowing it to now focus its full attention on growth drivers. We see risk skewed meaningfully to the upside as the company leverages its established position in dermatology, strength in sales and marketing, and innovations in patient access to re-launch Zyclara and drive growth in key established franchises. Adding to the positive risk/reward, we continue to see MRX as the most likely M&A candidate in our space." MRX closed at $35.52 a share on Thursday.