UPDATE: Canaccord Genuity Lowers PT on Allergan on Disappointments Hitting Sentiment

In a report published Tuesday, Canaccord Genuity analyst Randall Stanicky lowered the price target on Allergan (NYSE: AGN) from $111 to $98 and reiterated a Hold rating on the company.

In the report, Canaccord Genuity commented, "With yesterday’s 12% RESTASIS driven sell-off, AGN shares are down 29% from mid-April year highs on the back of three disappointments that have also hit sentiment including (1) the LEVADEX complete response letter; (2) the DARPin set-back; and now (3) the RESTASIS draft FDA guidance that drove several recent downgrades. While our initial reaction is to go the other way and upgrade AGN as a RESTASIS generic now feels fully priced in and the stock is at trough valuation levels, we still lack catalysts needed for a sustained reversal."

Allergan closed Monday at $81.99.