UPDATE: Jefferies Raises PT to $63 on Salix Pharmaceuticals; Q1 Beat and Raised Guidance

Jefferies increases its price target from $54 to $63 on Buy-rated Salix Pharmaceuticals

following a strong Q1. Jefferies says, "Salix reported a nice Q1 with in-line revenue and 11 cents EPS upside to consensus ($0.67 vs $0.56). Despite a growing number of bears, we think the Street will have increasing confidence in Salix's ability to execute commercially and hence we raise our target to $63 based on a 20x multiple of our raised 2013 EPS estimate of $3.13. We no longer see DDW as a major upside catalyst but we love the earnings CAGR of 34% through 2016." SLXP closed at $48.49 on Monday.