Piper Jaffray Remains Bullish On AGN; Maintains OW Rating, $81 PT

Piper Jaffray remains bullish on Allergan, Inc.'s AGN growth prospects, both near- and long-term, and expect that 4Q10 is likely to be another solid quarter (Piper Jaffray is at $0.89, in line with the Street), driven by continued year-over-year growth for key medical aesthetics products plus solid prescription (Rx) volume growth in the eye care business. “Though AGN is likely to continue to keep 2011 expectations on Botox for chronic migraine conservative, we believe that continued stability and even strength in medical aesthetics and continued growth for Restasis points to another year of double-digit EPS growth,” Piper Jaffray writes. “We reiterate our Overweight rating and $81 PT.” Allergan currently trades at $68.76.