UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Medicis Pharmaceutical

In a report published Wednesday, Morgan Stanley reiterated its Equal-Weight rating on Medicis Pharmaceutical Corp. MRX, and raised its price target from $35.00 to $44.00. Morgan Stanley noted, “We are lowering our 2013E EPS by 18% and trimming long- term (2014E-2020E) EPS by 13% on management's disappointing Sep. 17 proxy projections. Separately, we are raising our price target from $35 to reflect Valeant's $44/share bid.” Medicis Pharmaceutical Corp. closed on Tuesday at $43.25.