Forest Laboratories "neutral weight," target price raised - update

01/12/07 - Prudential Financial

NEW YORK, January 12 (newratings.com) - Analyst Tim Anderson of Prudential Financial maintains his "neutral weight" rating on Forest Laboratories Inc (FRX), while raising his estimates for the company. The target price has been raised from $52 to $58.

In a research note published this morning, the analyst mentions that the company is expected to report its F3Q EPS ahead of the estimates and the consensus. Over the forthcoming four-to-six months, Forest Laboratories is expected to release new data on two late-stage pipeline products, the analyst says. The EPS estimate for FY08 has been raised from $3.01 to $3.20 to reflect increased revenue assumptions on account of the current robust prescription trends for Lexapro and Namenda.