Citi Initiates Coverage on Genentech (DNA) with a Buy
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Citi initiates coverage on Genentech Inc (NYSE: DNA) with a Buy. Price target $91.
Citi analyst says, "Finally a Big Stock Worth Buying - Our upside/downside analysis is favorable as several studies could lead to robust growth. Our rating is based on: (1) 15% (base case) '08-'10E EPS CAGR vs. 12% for biotech group, (2) strong op. margins, (3) little competitive threats, (4) strong news flow in the next 12-24 mos, & (5) potential for 27% '08-'12 EPS CAGR (best case) driven in part by NASBP C-08 trial...We forecast that Avastin could post 17% '08-'12E sales CAGR driven by growth in adjuvant colon, breast and lung cancers."
Genentech, Inc. (Genentech) is a biotechnology company that discovers, develops, manufactures and commercializes pharmaceutical products to treat patients with unmet medical needs.
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