Citi Downgrades Allergan (AGN) to Hold
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Citi downgrades Allergan Inc (NYSE: AGN) from Buy to Hold. Price target lowered from $68 to $54.
Citi analyst says, "AGN's U.S. aesthetics franchise weakness could lead to contagion of ex-US markets in subsequent quarters. The impact appears to be hitting AGN's most expensive breast aesthetics segment followed by dermal fillers and Botox...Strategically, we like the complementary nature of the steady growth therapeutic and high-growth aesthetics lines. Further, management’s ability to use M&As to continually position the company in attractive markets supports our view of AGN as a core long-term holding."
Allergan, Inc. is a multi-specialty healthcare company focused on developing and commercializing pharmaceuticals, biologics and medical devices.
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