UBS Maintains a 'Neutral' on Forest Laboratories (FRX); Updated Thoughts

UBS maintains a 'Neutral' on Forest Laboratories (NYSE: FRX) price target lowered from $40 to $34.

UBS analyst says, "After affording what we believe is substantial credit to the pipeline (~$1.7B in F2016 risk-adj sales) we are still unable to replace the lost revenue from the Lexapro patent expiration (~$2.3B in 2011E sales). In addition, it takes us until F2018/2019 to return to the current $4.00+ level of EPS given mgt.’s spending guidance. Thus, we still need a little more confidence in the pipeline to get more positive on the stock and we remain on the sidelines."

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

Shares of Forest Laboratories closed at $32.83 yesterday.

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