AmTech Reiterates Focus List Buy on Cephalon (CEPH); $92 Price Target

June 11, 2008 11:54 AM EDT

American Technology Research reiterates its Focus List Buy and $92 price target on Cephalon (Nasdaq: CEPH).

Although shares of Cephalon have already begun rebounding (up about 20% from its February lows, AmTech believes substantial upside still remains. Put simply, the firm said "the best is to come."

The firm believes its investment thesis on Cephalon has become relatively straightforward: AmTech expects Provigil and Cephalon's other pain franchises to remain stable contributors to its sales. Specifically, AmTech calls Treanda and Amrix its top growth drivers. The firm projects Treanda sales of $40 million in '08 and $47 million in '09 and Amrix sales of $69.8 million for '08 and $110 million in '09.

AmTech's $92 price target on Cephalon is based on 20x the firm's FY08 EPS estimate of $4.58. The Street consensus is $4.56.

Cephalon, Inc., a biopharmaceutical company, engages in the discovery, development, and marketing of products to treat human diseases in the United States and internationally.

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