ICOS downgraded to "neutral"

01/09/06 - Robert W. Baird

NEW YORK, January 9 (newratings.com) - Analysts at Robert W Baird downgrade ICOS Corporation (ICOS) from "outperform" to "neutral." The target price has been reduced from $32 to $30.

In a research note published this morning, the analysts mention that the downgrade in the rating is based primarily on valuation. Although Cialis has witnessed robust market share gains in 2005, the drug is expected to continue to witness stable sales growth going forward, the analysts say.