Wells Fargo Downgrades Medicis (MRX) to Market Perform; Fundamentals Intact But Near-Term Speed Bump Could Hit Stock

Wells Fargo downgraded Medicis (NYSE: MRX) from Outperform to Market Perform with a price target range of $35-$38 (from $39-41)

Wells analyst says, "Downgrade on the potential for a near-term headwind (possible downward guidance revision) for the stock and await evidence of Aesthetics unit growth translating into EPS growth. Adjusted Q3 EPS of $0.56 (-3% yr/yr) missed consensus and our estimate, both $0.61, but hit guidance ($0.48-0.67). Management narrowed 2011 adjusted EPS guidance to $2.33-2.39 from $2.25-2.56. We lower our 2011E and 2012E adjusted EPS to $2.35 and $2.69 from $2.41 and $2.76, respectively."

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

Shares of Medicis closed at $37.80 yesterday.

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