USB Piper upgraded Mylan Labs (MYL

) to outperform.

Analyst Timothy Coan says he upgraded from market perform on improved visibility for fiscal 2005 (March), an attractive return from his $31 price target.

Coan says Mylan announced its intention to launch a generic version of Johnson & Johnson's Duragesic, a patch for pain, no later than July 23, 2004. He notes this compares to his current projection of a Jan. 23, 2005 launch. With the launch of a major drug with limited competition coming this summer, he believes Mylan's fiscal 2005 has just gained a significant new driver. He sees $1.23 fiscal 2004 earnings per share, and raised the $1.50 fiscal 2005 estimate to $1.56.