Credit Suisse Upgrading Allergan

Credit Suisse is upgrading shares of Allergan Inc AGN to Outperform and it has a $91 price target on shares. In a note to clients, Credit Suisse writes, "The recent downturn in consumer sentiment and associated pullback in AGN provide an entry point, ironically the prominent growth drivers are less economically sensitive. The March 2012 R&D Day provides a catalyst for outperformance given low pipeline expectations as does eventual improvements in consumer sentiment. Additional EPS upside from sales or leverage may be more plausible given the glaucoma franchise has better withstood new generic competition and investments will start to deliver returns. We are upgrading to Outperform (from Neutral)." Shares of AGN closed at $74.75 yesterday.