UPDATE - UBS Downgraded Cephalon (CEPH) to Neutral; Likely Some Upside To Offer price, but Not Material

UPDATE - UBS downgraded Cephalon (NASDAQ: CEPH) from Buy to Neutral. PT raised from $70 to $78.

UBS analyst says, "We believe there is a good chance that Valeant (NYSE: VRX)will raise the offer to get a deal done but that higher offer price won't rise substantially given Valeant's financial discipline. Additionally, we believe there is a reasonable chance that another bidder comes in with a higher bid, but given our valuation work, which includes our own risk adjustments for the pipeline, we don't think that price will be substantially higher to warrant a Buy rating at current levels."

To see all upgrades/downgrades on shares of CEPH, visit our Analyst Ratings page.

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