Bank Of America Reports On Botox Headache Treatment From AGN

Bank of America is reiterating its Buy rating and its $90 price target on Allergan AGN following a survey conducted for the market analyst. In the report, Bank of America writes, “Early read supports Botox potential for migraine We commissioned a survey of 75 neurologists that treat migraine to get a sense of their current and expected future use of AGN's Botox for chronic migraine. Overall, the docs: (1) expect Botox share of their chronic migraine patients to double over the next year, (2) made largely positive comments on efficacy, and (3) cited a low incidence of patient complaints. Notably, the docs' share estimates were more bullish relative to our January survey (not the same docs). As always, we caution investors that the views of these docs may not be indicative of the overall market. While we are encouraged by the survey results, we are not changing our Botox estimates given the early stage of launch, but we continue to view our estimates as potentially conservative.” AGN closed yesterday at $81.04.