UPDATE: Bank of America Lowers PT on Medicis Pharmaceutical Corporation from $40 to $37

Bank of America has published a research report on Medicis Pharmaceutical Corporation MRX lowering the price target by $3.00. In the report, Bank of America wrote, "MRX reported 2Q11 EPS of $0.64 (ex-items), in line with our estimate and consensus. Operating income of $72mn beat our estimate by 8% on slightly higher revenue (+$1mn) and lower operating expenses (-$4mn), but the upside was offset by higher interest/other expense and tax rate." Bank of America rated Medicis Pharmaceutical Corporation a Neutral with a price target lowered from $40.00 to $37.00. Medicis Pharmaceutical Corporation closed Monday at $35.40.