UPDATE: Bank of America Raises Allergan's PT

According to a research report published this morning, Bank of America has increased Allergan's

PT from $100 to $106. Bank of America commented in the report, “AGN recently announced that the Botox Phase III studies for idiopathic overactive bladder (OAB) were successful and that the company had filed for approval in the US and EU. Similar to chronic migraine, idiopathic OAB represents a large market opportunity with significant unmet need. We raised our 2013+ Botox estimates to reflect higher use for idiopathic OAB, which AGN believes could represent an incremental $350mn WW sales opportunity. We also rolled the discount period in our DCF model forward by six months (to mid-2013) to better approximate a oneyear target. Based on these changes, we raised our PO to $106 (from $100). We are maintaining our Buy rating based on AGN's strong fundamentals, diversified revenue base, interesting pipeline, and EPS growth potential.” Bank of America maintains its Buy rating on Allergan, which is currently trading at $93.68.