Barclays Adjusts Estimates on Forest Laboratories (FRX); Q1 Preview: Icahn Not Issue Til August

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Barclays maintains an 'Equalweight' on Forest Laboratories (NYSE: FRX) price target of $30.00.

Analyst, Douglas D. Tsao, said, "We expect a relatively uneventful F1Q earnings report but it will set the tone ahead of PDUFA dates for two key products - linaclotide & aclidinium - and the August shareholder vote with activist Carl Icahn seeking board representation...We raise F1Q estimates based largely on an upward revision to our Namenda estimate." (FY12 EPS estimate raised from $0.70 to $0.71, but FY13 lowered from $1.87 to $1.81)

Tsao feels FRX should be credited with successfully bringing products to market (recently), however commercial results have been mixed. Also, FRX is gaining popularity as investors value the company for its pipeline assets, not just sales.

Several big picture questions were addressed on June 20, 2012 when FRX held its R&D review day.

For an analyst ratings summary and ratings history on Forest Laboratories click here. For more ratings news on Forest Laboratories click here.

Shares of Forest Laboratories closed at $35.32 yesterday, with a 52 week range of $28.47-$39.50.

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