Jefferies Starts Watson Pharmaceuticals (WPI) at Hold

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Jefferies initiates coverage on Watson Pharmaceuticals (NYSE: WPI) with a Hold. PT $70.00.

The firm comments, "While we find Watson's fundamentals compelling, the valuation seems to reflect that. We're concerned that 2013 consensus EPS ($6.22) assumes a best case scenario for generic launches that are not yet certain and is too low for R&D spend. But given the excitement around Lipitor, Concerta, and Procheive we also don't see the stock underperforming in the near-term."

For an analyst ratings summary and ratings history on Watson Pharmaceuticals click here. For more ratings news on Watson Pharmaceuticals click here.

Shares of Watson Pharmaceuticals closed at $64.62 yesterday, with a 52 week range of $48.20-$73.35.

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