Mizuho Securities Reiterates Buy on Allergan (AGN) Following a 4Q Earnings Beat
Mizuho Securities maintained a Buy rating on Allergen (NYSE: AGN), and cut the price target to $330.00 (from $354.00), following the company's 4Q earnings report. AGN delivered a solid 4Q bottom line beat with revenues of $4.2B and EPS of $3.41 versus consensus estimates $4.2B and $3.34. The beat was attributed to strength in Botox and Restasis, and lower taxes. AGN guided 2016 revenues to $17B vs. consensus $17.7B.
Analyst Irina Koffler commented, "We reiterate our Buy rating post-4Q:15 earnings beat. We have increased visibility into a stand-alone 2016 AGN business which came in below consensus expectations, but on the call we also got increased reassurance from management in the eventual closing of the PFE deal. We are lowering our PT to $330 from $354 which encompasses a decline in PFE's share price and lower valuation for the standalone business."
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Shares of Allergen closed at $285.82 yesterday.