UPDATE: Piper Jaffray Raises PT on Watson Pharmaceuticals to $76

Piper Jaffray is out with its report today on Watson Pharmaceuticals (NYSE: WPI), raising its PT from $72 to $76.

In a note to clients, Piper Jaffray writes, "With a P/E of only 11x our new 2012 EPS estimate of $5.94 (up from $5.69), and significant potential for double-digit EPS growth beyond 2012, we continue to believe there is plenty of room for value creation. We reiterate our Overweight rating and are raising our PT to $76 from $72."

Shares of WPI closed Monday at $63.55, up 0.54% from Friday's close.