Genentech "overweight," target price reduced

01/12/06 - Prudential Financial

NEW YORK, January 12 (newratings.com) - Analyst Ron Ellis of Prudential Financial maintains his "overweight" rating on Genentech Inc (DNA). The target price has been reduced from $110 to $100.

In a research note published yesterday, the analyst mentions that the company has posted robust results for the previous quarter, with impressive execution and healthy fundamentals. Genentech has posted its quarterly sales for Avastin and Rituxan ahead of the estimates and the consensus. The company has issued its EPS growth for 2006 at 35%-45%, relative to the consensus expectation of 40%.