UPDATE 3-Allergan profit rises as Botox rebounds

* Q3 EPS $0.70 ex-items; Street view $0.69

* Botox sales up 3 percent to $328 million

* Shares rise 2 percent (Adds analyst comment, new use for Botox rival Dysport)

By Ransdell Pierson

NEW YORK, Oct 29 (Reuters) - Allergan Inc (AGN.N) said quarterly profit rose 8 percent as sales of anti-wrinkle drug Botox rebounded and helped offset lower sales of medical devices.

Third-quarter earnings increased to $179 million, or 58 cents per share, from $165 million, or 54 cents per share, in the year-earlier period.

Excluding special items, Allergan earned 70 cents per share. Analysts on average expected 69 cents, according to Thomson Reuters I/B/E/S.

"All in all, signs of stability in a still-challenging environment is the takeaway" message from the earnings report, Oppenheimer & Co analyst Amit Hazan said in a research report, referring to global economic conditions.

Allergan shares rose 2 percent, or $1.06, to $54.61 in midday trading on the New York Stock Exchange.