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JP Morgan Upgrades Allergan

JP Morgan upgrades specialty global health care company Allergan (AGN) to overweight from neutral.

Analyst Corey Davis says after nearly two years of neutrality, he upgrades. He says this is not a "trade around an event" upgrade, nor even a catalyst-driven story.

He envisions a three-year investment time horizon with substantial and steady returns in each of those years driven by consistent, possibly even accelerating earnings growth, with little or no risk.

Cory finds the current multiple reasonable. While he cannot argue the company is trading at a discount to the group or market, he could argue it trades at a substantial discount to Alcon, with a better growth rate and earnings per share potential.

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