In a report published Tuesday, UBS Securities analyst Marc Goodman upgraded the rating on Allergan (NYSE: AGN) from Neutral to Buy, and raised the price target from $180.00 to $200.00.
In the report, UBS Securities noted, “Investors have been waiting for 2 Allergan events: a restructuring and an accretive deal. Given the Friday PR for the conf call today, many investors were expecting a deal to be announced today and thus were disappointed from that perspective. But the cost cutting was solid and viewed positively (on top of the very strong qtr), and mgt couldn't have been more confident that it can get a deal done in time. Now we wait for this deal. Can Allergan create close to as much ST value as Valeant can with its cost cuts?”
Allergan closed on Monday at $171.14.
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