Sterne Agee Sees 16% Upside for Actavis, Initiates Coverage With Buy Rating

Shares of Actavis

are up 2.3 percent to $198.42 in Wednesday's trading after Sterne Agee initiated coverage on the stock with a Buy rating and $230 price target. Analyst Shibani Malhotra sees upside “to the company's pro-revenue and synergy targets, and expects management to continue to implement on its disciplined inorganic growth strategy.” The analyst is also bullish on the company's growth profile “post its recent merger with Forest Laboratories

.