UPDATE: Canaccord Genuity Reduces PT to $77 on Warner Chilcott

Canaccord Genuity reiterated its Buy rating on Warner Chilcott WCRX but reduced its price target from $25 to $18 following the company's conclusion of a strategic review. Canaccord Genuity said, "WCRX announced it has completed its strategic review with the result being a return of capital: another special dividend, a new ongoing dividend and share buyback renewal. We expect initial reaction to be disappointment at a lack of company sale or deal by WCRX, which could lead to some weakness with the upside case removed." Warner Chilcott closed at $17.77 on Tuesday.