UPDATE: JP Morgan Raises PT on Mylan as the Company Looks for Acquisitions

In a report published on Wednesday analysts from JP Morgan raised its price target on Mylan (NASDAQ: MYL) from $34 to $38 and maintained an Overweight rating on the company.

In the report lead analyst Chris Schott commented that, "Consolidation has been the core theme within the specialty/generics space with two large acquisitions over the past month and given these industry dynamics, we wanted to share our updated thoughts on Mylan. Overall, we see an attractive opportunity with MYL shares based on the company's current portfolio and a mix of bolt-on transactions and share repurchase. Further, we cannot rule out the potential for a larger, transformational move by the company which could have a more immediate positive impact to Mylan's share price. Along these lines, we believe Mylan's 10x multiple of 2013 earnings does not reflect the company's core growth prospects, the enhanced growth potential generated through the deployment of the company's annual cash flow or the option-value of a potentially transformational acquisition. We remain OW MYL shares and are raising our December 2013 price target to $38."

Mylan is up 0.07 percent on the day and currently trades at $29.90