UPDATE: Deutsche Bank Raises PT on Allergan on Q4 EPS

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Allergan

, and raised its price target from $108.00 to $113.00. Deutsche Bank noted, “Q4 EPS $0.03 Better Including R&D Tax Credit. Allergan reported non-GAAP adjusted Q4 EPS of $1.15, excluding $0.06 from an R&D tax credit that was not signed into law until Jan 2013. Including this tax credit, which will now be booked in 1Q13, Q4 EPS would have been $1.21, or $0.03 ahead of consensus. Gross margin of 87.5% was 102 bp above our est while spending came in $17M above expectations. Post the solid Q4 results, we continue to rate the company's shares BUY, in part due to AGN's broad diversification across products and geographies, its mix of reimbursed vs cashpay businesses, and the sustainability of its revenue base.” Allergan closed on Tuesday at $106.70.