Allergan Looks Healthy and May Make a Move Soon

By Sam Collins,

Shutterstock photo

Allergan Inc (NYSE: AGN ), is a  global technology-driven health care company is a leader in ophthalmic, neuromuscular and skin care pharmaceuticals.  Its strong R&D focus has produced a package of drugs that includes treatments for dry eye, glaucoma, chronic pain, acid reflux and skin treatments.

Allergan plans to be the leader in aesthetics markets and promotes its success with Botox.  Earnings for 2011 are estimated at $3.65, up from $3.16 in 2010, and S&P projects EPS of $4.20 in 2012-the average of five analysts rate AGN a "Buy" with targets ranging from $90 to $96.

Technically AGN is completing the third stair-step base pattern in 12 months.  A break above $84 targets the stock for a move to $89 or higher. Heavy volume on the last breakout in April resulted in a 10-point run.

Read Sam Collins' market outlook: 2 charts with the key to the next 6 months Read Serge Berger's market outlook: Recent rally is grand - but sidelines are safer

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Investing Ideas , Stocks
Referenced Stocks: AGN

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