UPDATE: Bank of America Merrill Lynch Raises PO on Par Pharmaceuticals Companies to $39

Bank of America Merrill Lynch is out with its report today on Par Pharmaceutical Companies PRX, raising its PO to $39 from $36. In its report, Bank of America Merrill Lynch writes, "We are raising our DCF-based price objective to $39 (vs. $36), which continues to equate to about 13x our 2012E EPS. We continue to believe that the risk/reward on PRX shares remains favorable; maintain Buy." Shares of PRX closed Tuesday at $30.23.