UPDATE: Goldman Sachs Raises Salix Pharmaceuticals' PT

According to a research report published this morning, Goldman Sachs has increased Salix Pharmaceuticals'

PT from $43 to $48. Goldman Sachs commented in the report, "Salix meaningfully beat 1Q expectations, but full-year 2012 guidance was little changed (aside from changes related to the convertible debt issuance). The earnings beat was driven by both higher revenues and lower spending versus our expectations, though the read-through to forward periods is somewhat limited by the nature of the beat. Positive inventory swings boosted revenues for both Xifaxan and Relistor, while lower spending appears to be related to distribution through the year." Goldman Sachs maintains its Neutral rating on Salix, which is currently trading at $51.37.