CORRECTED: Genentech "outperform," estimates raised

03/30/06 - RBC Capital Markets

In the story headlined "Genentech "outperform," estimates raised", please read the Investment Bank name as RBC Capital Markets instead of Banc of America Securities. A corrected version of the same follows:

NEW YORK, March 30 (newratings.com) - Analyst Jason Kantor of RBC Capital Markets reiterates his "outperform" rating on Genentech Inc (DNA), while raising his estimates for the company. The target price is set to $97.

In a research note published this morning, the analyst mentions that the company is scheduled to report its 1Q06 results on April 11. The analyst expects Genentech to post impressive results for the quarter on account of robust sales of Herceptin and Rituxan. The company is likely to file an sBLA for Avastin, for the treatment of breast and lung cancer, in 2Q, RBC Capital Markets adds. The EPS estimate for FY06 has been raised by $0.04.