Barclays analyst Douglas Tsao upgraded Allergan (AGN) to Overweight and raised his price target for the shares to $230 from $220. The Botox maker closed Friday down 19c to $186.93.
Allergan’s aesthetics franchise is undervalued at current share levels, Tsao tells investors in a research note. The analyst notes he’s been on the sidelines with respect to the stock for three-plus years. Tsao says his firm’s survey of 61 plastic surgeons and dermatologists validates Botox’s market leader position.
Physicians in the survey reported that 67% of Botox patients are “very satisfied” with results, which was well ahead of Dysport and Xeomin at 36% & 20%, respectively, Tsao writes.
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