UPDATE: Cantor Fitzgerald Starts Allergen (AGN) at Neutral

(Updated - June 15, 2017 4:45 PM EDT)

(updated to add analyst comment)

Cantor Fitzgerald initiates coverage on Allergen (NYSE: AGN) with a Neutral rating and a price target of $231.00.

Analyst Louise Chen launches coverage Thursday after-hours. She comments "We continue to believe Allergan is one the highest quality and most innovative companies in the Pharma industry. That said, the stock is trading at a premium to both large cap pharma and biotech, so we think that upwards earnings revisions are needed to trade higher from here. We don't see a lot of upside to consensus expectations in the near term, which is why we are on the sidelines for now. We would be more positive on Allergan shares if: 1) competition for its key drugs (Estrace, Restasis, Namenda, Minastrin) is delayed or comes in below expectations, and 2) operating leverage is higher than anticipated."

FY 2017 EPS estimate is for $16.07 and FY 2018 EPS estimate is for $17.81.

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

Shares of Allergen closed at $233.04 yesterday.

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