New River Pharma tgt raised to $45 at FBR; NRP104 approvable (26.21 ) -Update : Late Friday evening, Friedman Billings says NRPH announced it had received an approvable letter from the FDA for NRP104 in the treatment of ADHD in patients aged 6-12 years. Importantly, firm says the letter did not request any additional clinical studies and recommended that the DEA classify the drug in Schedule II. As a result of this positive decision, which firm expected, they have raised their price target from $39 to $45, based on a multiple of 25 times their Y09 EPS est of $2.80 and a 25% discount. Firm anticipates introduction of NRP104 in 2Q07, and believes the franchise conversion will occur by April 2009, the date when a generic Adderall XR may enter the market. Firm says the favorable FDA decision should lead to greater confidence in NRPH's formulation technology and its applicability to other products, which should lead to a higher valuation of the overall co