Company

Bank

Analyst

Coverage

Opinion

Wk chg

6/28 cls

Allergan Inc. (NYSE:AGN)

Leerink

Seamus Fernandez

Downgrade

Market perform (from outperform)

-9%

$84.24

Fernandez also lowered his target to $102 from $113-$114 after FDA published draft guidance that said in vitro studies may be sufficient for determining bioequivalence of generic versions of Allergan's dry eye product Restasis 0.05% cyclosporine ophthalmic emulsion. The U.S. patent covering Restasis expires in May 2014. Fernandez lowered his 2014 EPS estimate to $4.79 from $5.38 and 2014 Restasis revenue estimate to $653M from $932M.