Citigroup On Watson Pharmaceuticals Following Healthcare Conference

Citigroup has published a research report on Watson Pharmaceuticals WPI after the company's participation in Citi's Healthcare conference. In the report, Citigroup writes "Paul Bisaro, WPI's President & CEO reiterated WPI's 2011 diluted EPS target of $3.85 to $4.15 and revenue of $4.2B ($2.8-$3.0B global generics, $470M-$490M brands & $820-$840M ANDA), vs. our above-consensus estimates. We estimate that each $100M in additional '11 Lipitor sales boosts EPS by $0.03, while every -$100M in lost '11 Toprol XL sales reduces EPS by -$0.18. Mr. Bisaro presented an update on the opportunity / timing of Prochieve, capital deployment & industry-wide user fees (from his position as Chairman of the GPhA). We reiteriate our BUY rating on WPI's shares." Citigroup maintains its Buy rating and $67 price target. Watson Pharmaceuticals closed yesterday at $55.50.