UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Warner Chilcott on Another Solid Quarter

In a report published Monday, Jefferies reiterated its Buy rating on Warner Chilcott

, and slightly raised its price target from $15.00 to $16.00. Jefferies noted, “WCRX easily beat estimates for the 4th straight Q but we're still talking about a melting ice-cube for now, and Q4 did benefit from Asacol stocking that will reverse. Recent '13 guidance does seem conservative given WCRX likely has more OPEX leverage. We tweak up target to $16 on higher '14-'15 ests., and maintain a ‘Buy' given undisclosed pipeline and BD potential, but we'd watch out for franchise leakage in the Delzicol switch.” Warner Chilcott closed on Friday at $13.76.