Deutsche Bank Starts Genentech (DNA) at Buy
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Deutsche Bank initiates coverage on Genentech (NYSE: DNA) with a Buy rating and $83 price target, saying they see limited downside and the potential for significant upside if Avastin works in adjuvant colon cancer.
The firm said risk/reward in the stock is heavily skewed to upside ahead of Avastin adjuvant colon cancer trial. The firm said if the trial fails, they see 10%-15% downside, but if the trail is successful the stock could see 40%+ upside. They said the results of the trial could come in 2008, but say they are more likely in 2009.
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