UPDATE: Barclays Capital Reiterates on Actavis PLC Following Share Price Movement

In a report published Wednesday, Barclays Capital analyst Douglas D. Tsao reiterated an Overweight rating on Actavis PLC (NYSE: ACT), and raised the price target from $175.00 to $190.00.

In the report, Barclays Capital noted, “We believe the share price movement yesterday reflected ACT's 2014 EPS guidance, but perhaps more encouraging was management's commitment to ‘long-term double-digit' organic EPS growth from the company's newly established earnings base. Coming into yesterday's earnings release, we felt investors' focus on 2014 guidance was ‘losing the forest for the trees', and investors weren't giving ACT sufficient credit for either the number or quality of opportunities from ACT's generic & brand divisions. We think management's FY14 outlook for EPS between $12.25-$13.00 now reflect these opportunities, capturing our estimate of $12.99 (noting guidance excluding contributions from Western Europe). We raise our target to $190.”

Actavis PLC closed on Tuesday at $154.27.