Allergan Upgraded To Overweight Amid ‘Overdone’ Botox Fears At Morgan Stanley

As previously reported, Morgan Stanley analyst David Risinger upgraded Allergan (AGN) to Overweight from Equal Weight, saying that fears about a “better Botox” from Revance (RVNC) may be overdone.

Noting that data about Revance’s botulinum toxin RT002 Phase 3 trial is expected “any day now,” Risinger said he thinks it could be difficult for Revance to demonstrate that RT002 is materially longer-lasting than Botox. While Risinger noted he is not predicting near-term major positive catalysts for Allergan, he thinks that the negatives have largely been priced in as the stock has pulled back 33% since July. The analyst keeps a $200 price target on Allergan, which closed Tuesday at $171.92.