Goldman Sachs is removing Allergan, Inc. AGN from its Conviction Buy List, but is still keeping shares rated at Buy. It has a $84 price target on shares.
In a note to investors, Goldman writes, "We are removing AGN from the Conviction Buy List and replacing it with HOLX (covered by Isaac Ro), though we make no change to our Buy rating. We continue to view AGN as one of the best product-driven growth stories in healthcare but one that now has less upside to our unchanged, 12-month price target following recent catalysts and first-time 2011 guidance that have helped shares grind steadily higher. We maintain our Buy rating with longer-term drivers in place and an unchanged 16%, 3-year EPS CAGR forecast. Since we added AGN to the CL-Buy List April 19, shares are +14% vs. S&P 500 +9%; over the past 12 months, shares are up +20% vs. S&P 500 +17%."
Shares of AGN lost 88 cents yesterday to close at $72.02, a loss of 1.2%.
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