Watson Pharmaceuticals "buy," target price raised

12/02/03 - Banc of America

NEW YORK, December 2 (New Ratings) - Analysts at Banc of America Securities reiterate their "buy" rating on Watson Pharmaceuticals Inc (WPI). The 12-month target price has been raised from $47 to $57.

In a research note published yesterday, the analysts mention that Watson Pharmaceuticals is in well positioned to benefits from the generic pharmaceutical companies in India. The recent legislation on medicare prescription drugs is favorable for generic drugs, the analysts say. The analysts express their optimism that regarding the positive impact of the launch of Wellbutrin, in December, on the company's 2003 revenue and earnings estimates.