Goldman Sachs Downgrades Medicis (MRX) to Neutral; Limited Upside From Deal Now

Goldman Sachs downgraded Medicis (NYSE: MRX) from Buy to Neutral with a price target of $44.00 (from $42.00).

Analyst, Gregory Waterman, said, "We now see limited upside to our updated price target of $44. MRX shares rallied 38% following the announcement that the company had entered into an agreement to be acquired by Valeant (NYSE: VRX) for $44 per share. VRX expects the deal to close in the first half of 2013. Our downgrade of MRX is not in relation to a view on the announced transaction but to limited upside to our current price target."

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 $43.65 yesterday.

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