Piper Jaffray Reiterates Overweight on Medicis Pharmaceutical (MRX)

Piper Jaffray is out with its report today on Medicis Pharmaceutical MRX, reiterating Overweight.

In a note to clients, Piper Jaffray writes, "We spent yesterday with Medicis management meeting with investors. We came away confident that the company will be able to settle lingering generic Solodyn litigation favorably in the near-term. We continue to believe the risk/reward profile for MRX shares is attractive, with net cash easily exceeding $750M by year-end, over $200M in annual, sustainable operating cash flow, and optionality on new product opportunities (i.e., current pipeline and potential acquisitions), all on a $2B
market cap. We reiterate our Overweight rating and $38 price target."

Shares of MRX closed Thursday at $30.60, down 1.39% from Wednesday's close.