Morgan Joseph Initiates Coverage on Genzyme (GENZ) with a Buy

January 6, 2009 8:45 AM EST

Morgan Joseph initiates coverage on Genzyme (Nasdaq: GENZ) with a Buy rating and an $81 price target.

Morgan analyst says, "We like Genzyme because we believe the company has the growth drivers in place to grow the company 20% over the next two years. Additionally, we believe Genzyme's new drugs and strong pipeline have the ability to sustain the company's strong growth well into the next decade. Mostly based on growth from existing products, we expect Genzyme to grow earnings 21% between 2008 and 2011. Myozyme, which has already become Genzyme's fastest penetrating rare-disease drug since its approval in 2006, should grow strongly with additional manufacturing capacity this year. With the approval of Synvisc-One and Mozobil, those concerns are now behind the company...We expect the approval of a 2000-liter plant to help Genzyme significantly step-up sales of Myozyme as soon as February. We expect Genzyme to affirm strong guidance for growth in the next three years later this month at various conferences."

Genzyme Corporation is a biotechnology company. The Company operates in six units. Renal develops, manufactures and distributes products that treat patients suffering from renal diseases, including chronic renal failure.

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