UPDATE: Auriga Cuts PT to $88 on Weight Watchers International

Auriga lowers its price target from $89 to $88 on Hold-rated Weight Watchers International WTW on adjusted share count following completion of Dutch tender near top end of its price range. Auriga says, "Weight Watchers completed its Dutch tender Thursday evening, repurchasing over 18 million shares from investors as well as from majority owner Artal, for a combined $1.5 billion. The purchase price was $82 per share, which was towards the upper end of the $72-$83 tender price range. We had previously estimated an $80 tender price in our model. With the higher price, we've adjusted our model to reflect slightly fewer shares repurchased than expected and have reduced our estimates by $0.04 to $4.92 and $5.86 for FY12 and FY13, respectively. We are also adjusting our price target to $88 from $89 due to the slightly reduced EPS expectation." WTW closed at $78.84 a share on Friday.