Deutsche Bank Starts Genzyme (GENZ) at Hold
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Deutsche Bank initiates coverage on Genzyme (Nasdaq: GENZ) with a Hold rating and $73 price target, saying although fundamentals are solid and valuation attractive, they see few short-term catalysts to move the stock this summer.
The firm said, "Although our long-term estimates are below guidance, we still forecast an attractive 2008-2012 EPS CAGR of 14%. We believe biosurgery and oncology guidance might be difficult to achieve, but that Genzyme’s renal and LSD guidance is conservative."
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