Genentech "buy," target price raised

03/20/06 - Lazard Capital

NEW YORK, March 20 (newratings.com) - Analysts at Lazard Capital Markets maintain their "buy" rating on Genentech Inc (DNA), while raising their estimates for the company. The target price has been raised from $107 to $113.

In a research note published this morning, the analysts mention that the company is poised for significant sales growth and a number of product approvals in 2006-2010. Genentech’s Herceptin, Avastin and Rituxan drugs are likely to be approved for additional indications going ahead, the analyst says. The company has raised its EPS growth guidance for 2006 from 35%-45% to 40%-50%.