Piper Jaffray Reiterates Overweight on Watson Pharmaceuticals

Piper Jaffray is out with its report today on Watson Pharmaceuticals WPI, reiterating Overweight. In its report, Piper Jaffray writes, "With strong visibility on double-digit EPS growth through at least 2013 and a P/E of only 10.5x our 2012 EPS estimate of $6.09, we believe WPI shares are attractive. We reiterate our Overweight rating and $78 price target." Shares of WPI closed Thursday at $64.10, down 2.08% from Wednesday's close.