Allergan shares should be supported by earnings outlook, says Wells Fargo

After Allergan announced that it would conduct additional studies on two drugs in its pipeline, significantly delaying commercialization of the products, Wells Fargo expects the stock to be supported by the company's unchanged five year sales and earnings growth outlook. The firm reduced its target range on the shares to $109-$109 from $124-$125 but keeps an Outperform rating on the shares.