BMO Capital raised its price target on Jazz Pharmaceuticals (NASDAQ: JAZZ) to $199.00 (from $196.00) while maintaining an Outperform rating.

Analyst Gary Nachman commented, "JAZZ reported 4Q revenue of $436mm vs. BMO/consensus of $438mm/442mm and adj. EPS of $2.95 vs. BMO/consensus of $2.96/$2.98. With a key focus on Xyrem and Vyxeos, both products delivered upside in 4Q, and were drivers of the better-than-expected 2018 sales guidance. Spending levels will also be meaningfully higher (offsetting a tax benefit) as JAZZ reinvests significantly in the business. We have increased confidence in JAZZ's growth outlook and earnings power, and believe the stock deserves to trade at a premium valuation. We are raising our estimates and bumping our target to $199; reiterate Outperform."