TD Newcrest Upgrades Biovail (BVF) to Action List Buy

June 19, 2009 9:02 AM EDT

TD Newcrest upgrades Biovail Corp. (NYSE: BVF) from Buy to Action List Buy. Price target increased $1 to $17.

TD analyst says, "We are upgrading Biovail to ACTION LIST BUY from Buy on the company’s prospects to drive value through a major upgrade of its pipeline and portfolio. We believe that Biovail’s Specialty Pharma peers provide a positive indication of where Biovail might trade in 12-18 months. Today’s report, “The New Biovail”, contends that Biovail is only in the mid-stages of a progression up the Specialty Pharma peer group ranks. We encourage investors to focus forward, where further upgrades to the portfolio and pipeline could drive significant expansion in Biovail’s multiples."

"We believe that the recent financings bolstered Biovail’s financial flexibility; positioning the company to continue executing an upgrade strategy that is already ahead of schedule. We expect this process to culminate in an enhanced sustainable growth capability and in multiple expansion. On that basis, we are upgrading Biovail to ACTION LIST BUY and increasing our Target Price to US$17.00."

To see more analyst ratings on BVF Click Here.

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies advanced drug-delivery technologies to improve the clinical effectiveness of medicines.

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