Mizuho analyst Irina Koffler upgraded Allergan (AGN) to Buy and raised her price target for the shares to $210 from $194. The Botox maker closed yesterday up 29c to $184.28.

The analyst views Allergan's risk/reward more favorably following the company's "strong" beat and raise quarter and the delayed introduction of Restasis generics. Further, the company's September 14 Aesthetics Day could drive multiple expansion in the stock, Koffler tells investors in a research note.

The analyst likes Allergan's "dominance" in a growing cash pay market, low exposure to near-term rebating pressure, and improving operating margins after "unexpected" strength in the body contouring products in Q2.