Jefferies Maintains Hold on Allergan (AGN)

Jefferies is out with its report today on Allergan AGN, maintaining Hold and a $74 PT. In its note to clients, Jefferies writes, "AGN has in-licensed Levadex, a Phase III therapy for acute migraine. This builds on AGN's CNS/neurology franchise, especially now that Botox for chronic migraines has been launched. Levadex isn't big enough to materially move the needle for AGN, but strategically, the deal makes a lot of sense. We see potential upside to our $74 PT, but remain at Hold until we see greater evidence of a rebound in US consumer spending patterns." AGN closed yesterday at $70.61, up 2.21% from Friday's close.