Jefferies Maintains a 'Buy' on Forest Laboratories (FRX); Remains Our Top Pick in the Sector

Jefferies maintains a 'Buy' on Forest Laboratories (NYSE: FRX) price target of $55.00.

Jefferies analyst says, "FCX reported 3Q EPS of $1.10 from operations which exceeded the Street estimate of $1.02. Despite two ongoing labor strikes, FCX executed very well at a time when many of its copper mining peers are failing to even maintain production levels. FCX remains our top pick in the sector."

"We have no crystal ball with regard to global GDP growth. But, we remain convinced that many observers fail to appreciate just how difficult it is for many major copper miners to even maintain copper production. Therefore, we believe medium and long term expectations for copper prices remain too low. And, in our opinion, the market fails to appreciate the value of FCX’s extensive resource base and relatively unique growth opportunities."

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 $31.08 yesterday.

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