UPDATE: Jefferies Raises PT to $95 on Allergan; Promotional Timing Clouds Q1

Jefferies increases its price target from $82 to $95 on Hold-rated Allergan

as the company posts a mixed quarter due to promotional timing. Jefferies notes, "AGN reported 1Q revs slightly above the Street, but EPS a penny below consensus, and guided to 2Q below expectations while maintaining full-year guidance. Facial aesthetics weakness was apparently attributable to promotional timing, though likely has some spooked. While we don't see much to pick at, it wasn't a pristine quarter, and share weakness makes sense in the context of AGN's relatively lofty valuation (~20x vs. peers at ~12x)." AGN closed at $96.39 on Wednesday.