Analyst Raises Rating on Allergan; Price Rises

Allergan Inc. shares rose $4.44, or 9.6%, to $50.69 Wednesday after an analyst raised his rating on the Irvine-based maker of eye-care medication.

Analyst Richard Vietor at Merrill Lynch & Co. raised the rating on the shares to near-term “buy” from near-term “accumulate.” He said he expects the stock to reach $55 within a year.

The stock, which traded around $30 a year ago, has climbed nearly 65% so far this year.