Allergan Recent Selloff 'Very Much Overdone,' Says JPMorgan

With Allergan (AGN) shares down 14% over the last 30 days, JPMorgan analyst Chris Schott calls the recent selloff "very much overdone."

Near-term "controversies" continue to overshadow a "still attractive fundamental story and asset base," Schott tells investors in a research note.

The analyst, while admitting there are few near-term catalysts beyond a potential split announcement, believes Allergan's valuation does not reflect its core portfolio of "durable, cash-pay aesthetics assets."

Further, Schott sees Allergan's opioid exposure as "fairly limited" and the focus on this topic as "significantly overdone." He remains an Overweight rating on the shares with a $200 price target.

Allergan closed yesterday up $4.91 to $120.64. 

Disclosure: None

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