Morgan Stanley Maintains Overweight on Allergan (AGN)

Morgan Stanley is out with its report today on Allergan AGN, maintaining Overweight. In a note to clients, Morgan Stanley writes, "Many investors wonder about what is in Allergan's pipeline, so we conducted a deep dive analysis on clinical trial websites to try to uncover public information to facilitate analysis. We were pleased to find that the number of key latestage pipeline readouts (six) over the next nine months matches #s of some major pharma. Hence, despite recent stock appreciation, we continue to recommend AGN with a price target of $85, or 20x 2012E EPS." Shares of AGN closed Friday at $74.77.