NeighborCare initiated with "buy"

12/03/03 - Legg Mason

NEW YORK, December 3 (New Ratings) – Analysts at Legg Mason Wood Walker initiate coverage of NeighborCare Inc (NCRX) with a "buy" rating. The target price is set to $27.

In a research note published this morning, the analysts mention that Genesis Health Ventures announced yesterday that it is changing its name to NeighborCare Inc. The company is the third largest institutional pharmacy in the US with 248,000 beds, the analysts add. The increasing demand for long term care and drug utilization would drive the company's revenue growth in the medium term, Legg Mason believes.