Allergan: Neutral in Current Market

Allergan, Inc. (AGN) is a global specialty pharmaceutical company that develops and commercializes innovative products for the eye care, neuromodulator, skin care and other specialty markets.

Allergan has been expanding into new therapeutic areas through acquisitions over the past few quarters. We believe these acquisitions will provide the company with the opportunity to drive growth in its existing business and to expand into new areas of business. We are optimistic that Allergan's presence across different segments and geographies should help maintain decent growth going forward even in the face of global economic weakness and foreign currency headwinds.

While growth will slow down in 2009 due to economic softness, company fundamentals remain strong. We believe Allergan is a good stock to own in the long run. As such, we maintain our Hold rating with a $42 price target.

Arpita Dutt contributed to this report.

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