UPDATE: Citigroup Rates Endo Pharmaceuticals as Buy, $48 PT

In a report published earlier today, Citigroup rated shares of Endo Pharmaceuticals Holdings Inc.

as Buy and set a price target of $48. The Citigroup report goes on to say, “We base our expectation of the improvement of the current multiple on the near term cash flow generation strength of Endo's pain management portfolio, the experienced management team's focus on applying the company's strong cash position and cash flow generating ability to near-term revenue generating business development opportunities, the revenue diversification and adjusted EPS accretion from the acquisitions of the HealthTronics, Penwest, Qualitest and AMS business, the launch of Fortesta gel and our expectations of a relatively strong revenue generation ability by Lidoderm for several years after its genericization.” Endo Pharmaceuticals Holdings, Inc. closed Friday at $37.85.