Piper Jaffray Downgrades Allergan (AGN)

Piper Jaffray downgraded Allergen (NYSE: AGN) from Overweight to Neutral with a price target of $238.00 (from $311.00), saying the valuation premium looks excessive.

Analyst David Amsellem commented, "We are downgrading Allergan to Neutral from Overweight and lowering our PT to $238 from $311. We took a close look at U.S. prescription (Rx) volumes across the commercial portfolio, as well as pricing action over the past two years for over 75 products.

Source: StreetInsider

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