Allergan Inc. (NYSE:AGN): A Stock to Watch

[Zacks] Allergan Inc. (NYSE:AGN) which is currently being pursued by Valeant Pharmaceuticals (VRX), raised its third quarter 2014 and full year 2014 earnings guidance based on strong revenue growth, an increase in market share coupled with several regulatory approvals, which should further boost revenues. Apart from these, restructuring initiatives will also benefit Allergan’s results in the fourth quarter of 2014 and 2015 (read more: Allergan, a Valeant Takeover Target, Plans 1,500 Job Cuts). Allergan now expects third quarter earnings in the range of $1.76 to $1.78 per share, up from its previous guidance of $1.44 to $1.47 per share. The Zacks Consensus Estimate currently stands at $1.44 per share.Stock PerformanceTaking a look at the company’s recent performance, Allergan Inc. (AGN) reported second quarter earnings for fiscal 2014 on July 21^th. The company reported actual earnings per share of $1.51 against the consensus Street estimate of $1.44. This represents year over year growth of 19.20%. Allergan posted revenue of $1.83 billion against estimates of $1.77 billion. Allergan is currently valued at $52.29 billion and closed the last trading session at $179.67. The stock has a 50-day moving average of $166.66 and a 200-day moving average of $158.36.Is this a Buying Opportunity?There are currently twenty one analysts that we track that cover the stock. Of those twenty one, fourteen have a Buy rating, one have Sell rating and six have a hold rating. On a consensus basis this yields a score of 2.62 and a Buy. The combined price objective of these covering analysts is $166.00, which represents a 7.61% downside difference to the last closing price. The most recent analyst activity consisted of Stifel Nicolaus who upgraded their buy stance on the company. Stifel Nicolaus has a price target of $200 which represents an upside of 11.29% from the last closing price. On the date of the report, the stock closed at $179.67. Another research firm weighing in recently was ISI Group who also initiated coverage on the stock. On the day of the report, September 4^th, AGN shares closed at $165.53.Company ProfileAllergan Inc. (NYSE:AGN), operates as a multi-specialty health care company primarily in the United States, Europe, Latin America, and the Asia Pacific. The company discovers, develops, and commercializes pharmaceutical, biological, medical device, and over-the-counter products for the ophthalmic, neurological, medical aesthetics, medical dermatology, breast aesthetics, urological, and other specialty markets. It operates in two segments, Specialty Pharmaceuticals and Medical Devices. The Specialty Pharmaceuticals segment produces a range of pharmaceutical products, including ophthalmic products for dry eye, glaucoma, inflammation, infection, allergy, and retinal disease; Botox for certain therapeutic and aesthetic indications; skin care products for acne, psoriasis, eyelash growth, and other prescription and physician-dispensed skin care products; and urologics products.