J.P. Morgan Maintain Neutral Rating But Increases Price Target On Allergan To $83.00 From $80.00 (AGN)

According to J.P. Morgan, after strong 1Q results, they are raising the price target on Allergan AGN to $83.00 from $80.00 and are maintaining the neutral rating. In the report, J.P. Morgan said, "Allergan reported solid 1Q/11 results (+$0.03 EPS beat despite higher than expected SG&A spend) driven by strong ophthalmology product sales and impressive results from the filler franchise. Based on these results, we see upside to both AGN's top-line and EPS targets and our 2011 estimate of $3.66 is above the new range ($3.56-3.62)." AGN closed yesterday at $81.87.