Investopedia: After A Sharp Pullback, Is Allergan Pretty Enough?

With its very strong (and lucrative) positions in markets like aesthetics (including the well-known Botox), eye care, device-based plastic surgery, Allergan (NYSE:AGN) arguably merits the premium valuation it typically gets from the Street. Recent developments pertaining to generic competition to Restasis has shaken investor confidence, though, and sent the shares down more than 20% to today's level. Although I do believe that bears may be overestimating the threats to key franchises like Botox and Restasis, it is hard to make a confident call that Allergan is dramatically undervalued now, other than to say that the Street has often been willing to overpay for these shares and may again in the future.

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