Cantor Fitzgerald Starts Forest Laboratories (FRX) at Buy; Can Forest Find Its Roots?

Cantor Fitzgerald initiates coverage on Forest Laboratories (NYSE: FRX) with a Buy. PT $36.00.

Cantor analyst said, "We believe that Forest Laboratories' stock is undervalued given the company's existing portfolio, late-stage pipeline, and healthy balance sheet. However, we remain cautious around approvals of antipsychotic Cariprazine and antidepressant Levomilnacipran, and our growth estimates for revenues and earnings are more conservative than the Street. We believe that Forest can rein in its R&D spending to levels more in line with other specialty pharmaceutical companies to control operational expenses during its patent cliff period."

For an analyst ratings summary and ratings history on Forest Laboratories click here. For more ratings news on Forest Laboratories click here.

Shares of Forest Laboratories closed at $29.89 yesterday.

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