UPDATE: Piper Jaffray Color On ENDP 4Q

Piper Jaffray, which raised its PT on shares of Endo Pharmaceuticals Holdings Inc. ENDP, is providing some color on the stock. “Yesterday, Endo reported 4Q10 adjusted diluted EPS of $1.06, well ahead of the Street estimate of $0.97,” Piper Jaffray writes. “Total revenues of $511M, were also comfortably ahead of the Street. Commentary on contribution from Qualitest was favorable, with this business and strength for Opana ER behind the upward revision to 2011 revenue and EPS guidance. “That said, we continue to believe upside potential for ENDP shares is limited, with the shares largely reflecting longer-term sustainability of the oxymorphone franchise in our view. Further, the continued long-term uncertainty over top-seller Lidoderm also limits meaningful value creation (in the absence of other accretive acquisitions). Piper Jaffray is reiterating its Neutral rating on Endo Pharmaceuticals Holdings Inc., which closed Monday at $35.52.