Cantor Fitzgerald Maintains a 'Buy' on Forest Laboratories (FRX); Raising PT and Estimates
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Price: $12.00 --0%
Rating Summary:
10 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Cantor Fitzgerald maintains a 'Buy' on Forest Laboratories (NYSE: FRX) price target raised from $41 to $45.
Analyst, Irina Rivkind, said, "Management guided to revenues of $3.4B and adjusted EPS of $1.20-1.35. We cannot get to a similar top line (which incorporates aggressive growth of Namenda, Bystolic, and the new launches) and assume lower revenues of $3.2B. We are adhering to the company's guidance for operational expenses, which we believe is more realistic, and taken together, this results in a $0.60 EPS estimate for the year. We think that investors are big-picture-focused and that the outlook has shifted beyond Lexapro. We continue to believe that the stock is fundamentally undervalued and upcoming PDUFAs for Linaclotide (early June) and Aclidinium (late July), as well as the Investor Day on June 20, should continue to drive share appreciation."
Raises FY12 EPS estimate from $3.69 to $3.77 and FY13 from $0.50 to $0.60.
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 $34.97 yesterday.
Analyst, Irina Rivkind, said, "Management guided to revenues of $3.4B and adjusted EPS of $1.20-1.35. We cannot get to a similar top line (which incorporates aggressive growth of Namenda, Bystolic, and the new launches) and assume lower revenues of $3.2B. We are adhering to the company's guidance for operational expenses, which we believe is more realistic, and taken together, this results in a $0.60 EPS estimate for the year. We think that investors are big-picture-focused and that the outlook has shifted beyond Lexapro. We continue to believe that the stock is fundamentally undervalued and upcoming PDUFAs for Linaclotide (early June) and Aclidinium (late July), as well as the Investor Day on June 20, should continue to drive share appreciation."
Raises FY12 EPS estimate from $3.69 to $3.77 and FY13 from $0.50 to $0.60.
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 $34.97 yesterday.
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