Piper Jaffray Reiterates Overweight on Medicis Pharmaceutical

Piper Jaffray is out with its report today on Medicis Pharmaceutical MRX, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We remain confident in the outlook for Medicis' aesthetics business and flagship product Solodyn following a recent conversation with senior management. With MRX generating over $200M in annual, sustainable operating cash flow (not including meaningful contribution from pipeline products), on an enterprise value of near $1.8B (market cap of near $2.6B less $750M+ in net cash by year-end), we continue to believe the shares are attractive despite the 1H11 outperformance. We reiterate our Overweight rating and $44 price target." Shares of MRX closed Friday at $39.13, up 2.52% from Thursday's close.