Barclays Previews Forest Laboratories (FRX) Analyst Day Meeting: Shares Becoming Popular Destination to 'Hide'
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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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Barclays maintains an 'Equalweight' on Forest Laboratories (NYSE: FRX) price target of $30.00.
Analyst, Douglas D. Tsao, comments on the upcoming analyst meeting being held by the company since January 2010. Normally, Forest Labs would review its strategies and pipeline. Tsao feels the discussion was originally scheduled to revolve around the approval of linaclotide, although, with the recent FDA extension of linaclotide's PDUFA date until September...other subjects, like Daliresp, FRX's recently-launched COPD drug, and it's underperformance, may be under fire.
Tsao doesn't expect announcements or new programs to be initiated , until the approval of linaclotide, however, he did note that shares have become more popular (moving higher over the past six months), as investors use the stock as a 'hiding place'. Tsao thinks Carl Icahn's involvement offers downside protection and there is still value in the company's pipeline, despite marco economic issues.
FY12 EPS estimate cut from $0.95 to $0.70 and FY13 from $1.89 to $1.87.
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 $34.71 yesterday.
Analyst, Douglas D. Tsao, comments on the upcoming analyst meeting being held by the company since January 2010. Normally, Forest Labs would review its strategies and pipeline. Tsao feels the discussion was originally scheduled to revolve around the approval of linaclotide, although, with the recent FDA extension of linaclotide's PDUFA date until September...other subjects, like Daliresp, FRX's recently-launched COPD drug, and it's underperformance, may be under fire.
Tsao doesn't expect announcements or new programs to be initiated , until the approval of linaclotide, however, he did note that shares have become more popular (moving higher over the past six months), as investors use the stock as a 'hiding place'. Tsao thinks Carl Icahn's involvement offers downside protection and there is still value in the company's pipeline, despite marco economic issues.
FY12 EPS estimate cut from $0.95 to $0.70 and FY13 from $1.89 to $1.87.
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 $34.71 yesterday.
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