The stock appears to be consolidating after its amazing recent peak. On Thursday AGN shares pulled back by more than 2% on higher than normal volume. Again, no problem, because analysts from Citigroup raised the price target for Allergan up to $124 citing strong growth in the company's core franchises, and kept a Buy rating on the stock.
Earlier, Argus Research lifted its target on Allergan to $118 on the premise that the company reported solid sales and earnings growth and has a strong pipeline. The firm expects the company to generate double-digit earnings growth during the next three to five years, driven by a number of important factors. It maintains a Buy rating on the shares. Do your own due diligence before investing in AGN. From a technical basis it wouldn't surprise this analyst to see the stock head closer to $100 before heading higher, as this technical chart suggests based on the Bollinger Bands, the 200-day moving average line and the Relative Strength Indicator. The RSI may be in the process of going a bit lower. AGN is a company that is solving problems with a prescient, new level of consciousness and the leadership acumen that will "ring the register" time and time again in the months ahead. At the time of publication the author had no position in any of the stocks mentioned. Follow @m8a2r1 This article was written by an independent contributor, separate from TheStreet's regular news coverage. Make smarter trading decisions and provide investment ideas that could help make you richer. Bryan Ashenberg does the dirty work so you don't have to!