Brean Murray Carret & Co. Cuts Price Target on Dendreon (DNDN), Weaker Than Expected Q1 Results

Brean Murray Carret & Co. is maintaining its Buy rating on shares of Dendreon (NASDAQ: DNDN), but is lowering its price target from $65 to $60 following weak Q1 results.

The company missed the Streets estimates for both revenue and EPS for the quarter. DNDN did end the quarter with $712 million in cash, which reflects the recent sale of $620 million in convertible notes.

The firm notes that the GAAP interest rate on the notes is 8.1% while the cash rate is only 2.9%. This has caused the firm to lower its FY13 EPS estimate to $1.89. It is also lowering its FY11 and FY12 estimates from ($1.97) and $0.64 to ($2.26) and $0.11.

For more ratings news on Dendreon click here and for the rating history of Dendreon click here.

Shares of Dendreon closed at $42.81 yesterday.

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