UPDATE: Piper Jaffray Upgrades Endo Pharmaceuticals to Overweight

Piper Jaffray is out with its report today on Endo Pharmaceuticals ENDP, upgrading ENDP to Overweight from Neutral. In its report, Piper Jaffray writes, "We are upgrading Endo to Overweight from Neutral and raising our price target to $46 from $44. With management guiding to a 2011 EPS range ahead of the Street, and with the recent pullback, we believe the risk/reward for ENDP has substantially improved, with shares trading at a P/E of only 6x our 2012 EPS of $5.45." At the time of posting, shares of ENDP were trading pre-market at $33.40, down 1.07% from Tuesday's close.