UPDATE: Sterne Agee Reiterates On Salix Pharmaceuticals Ltd. On Upcoming Catalysts

In a report published Tuesday, Sterne Agee analyst Shibani Malhotra reiterated a Buy rating on Salix Pharmaceuticals Ltd. (NASDAQ: SLXP), and raised the price target from $126.00 to $130.00.

In the report, Sterne Agee noted, “The upcoming FDA Advisory Committee on Relistor (scheduled for June 11-12) and the TARGET 3 clinical trial data on Xifaxan expected in early July provide important near-term catalysts for SLXP. We recommend that investors buy SLXP in front of these events. We are adjusting our 2014/2015 EPS estimates to $6.42/$8.12 from $6.90/$8.58 and raising our price target to $130 from $126.”

Salix Pharmaceuticals Ltd. closed on Friday at $114.18.