UPDATE: Piper Jaffray Reiterates Overweight Rating, Lowers PT on Endo Health Solutions

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on Endo Health Solutions

, but slightly lowered its price target from $45.00 to $44.00. Piper Jaffray noted, “At Endo's Investor Day, management provided detailed color on its longer-term earnings outlook, with the key takeaway, in our view, being the expectations for relatively limited earnings decline even in the face of two generic entrants for Lidoderm (though ENDP made it clear that it believes Mylan's formulation is flawed and therefore will have a tough time reaching the market). Nearer-term, with cost cutting already set in motion, we believe newly issued 2013 EPS guidance looks beatable (particularly when coupled with continued growth for other ENDP business units, with the largest expansion likely to come from Qualitest). The strong visibility on long-term earnings stability (and potential growth) justifies P/E expansion in our view (not unreasonable in the context of a 2013 P/E of only 6x). We reiterate our Overweight rating and are slightly lowering our PT to $44 from $45 (reflecting modest model adjustments).” Endo Health Solutions closed on Thursday at $31.51.