Guggenheim reiterates their Buy rating on Actavis (NYSE: ACT), and raised the price target to $355.00 (from $345.00), following a 1Q15 beat. ACT reported an adjusted 1Q15 diluted EPS of $4.30. This came $0.34 higher than consensus, and $0.41 better than Guggenheim estimates.

Guggenheim analyst, Louise Chen, concluded that, "Robust sales and earnings growth for the quarter underscores our BUY rating on ACT shares. Although we expect ACT to take a break from transformational deals (like WCRX, FRX, AGN) while it integrates AGN, we still think that upward earnings revisions (synergies, taxes, launches) and multiple expansion (brand drug sales and pipeline) could drive shares higher. Together with AGN, we believe the new company will grow sales double digits and achieve its aspirational goal of $25 in EPS by '17, which indicates the stock is still undervalued, by our estimates. The increase in our PT to $355 is driven by upwards earnings revisions."

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Shares of Actavis closed at $292.82 yesterday.