UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on Salix Pharmaceuticals Ltd. on Upcoming Catalysts

In a report published Tuesday, Sterne Agee analyst Shibani Malhotra reiterated a Buy rating on

, and raised the price target from $126.00 to $130.00. In the report, Sterne Agee noted, “The upcoming FDA Advisory Committee on Relistor (scheduled for June 11-12) and the TARGET 3 clinical trial data on Xifaxan expected in early July provide important near-term catalysts for SLXP. We recommend that investors buy SLXP in front of these events. We are adjusting our 2014/2015 EPS estimates to $6.42/$8.12 from $6.90/$8.58 and raising our price target to $130 from $126.” Salix Pharmaceuticals Ltd. closed on Friday at $114.18.