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Fly News Breaks for April 18, 2016
AGN
Apr 18, 2016 | 06:41 EDT
Piper Jaffray analyst David Amsellem downgraded Allergan to Neutral and lowered his price target for the maker of Botox to $238 from $311. The stock closed Friday up 74c to $217.13. After looking at U.S. prescription volumes, Amsellem sees "enough items of concern" that call into question Allergan's ability to deliver long-term double-digit annual earnings growth. While a valuation premium to Allergan's specialty pharma peers is reasonable, the current premium "is excessive," Amsellem tells investors in a research note.
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