Citi Maintains Buy Rating On WPI

Citi has reiterated the Buy Rating on Watson Pharmaceuticals, Inc. WPI. According to Citi, "Conclusion–WPI received final approval & shipped famciclovir, a generic version of NVS' Famvir, an oral antiviral used to treat herpes. This immediately followed expiration of pediatric exclusivity for Famvir's ‘937 patent on 3/21/11… We Reiterate Our Buy Rating & Maintain Our $67 Price Target, which assumes WPI trades at ~13x our 2012E EPS of $5.08, which is below WPI's 10-year historical median (22x) & average (23x) forward P/E multiple." WPI has a $67.00 Price Target and shold for $55.12 a share yesterday at closing.