Biovail Rallying On UBS Target Increase (BVF)

Loading...
Loading...
Shares of Biovail Corporation
BVF
are really moving this morning, gaining over 5% today. This comes as UBS raised its price target to $34 from $29, and is keeping its Buy rating. In the research report, UBS says, "CEO Michael Pearson sends memo to Biovail employees In a memo to Biovail employees, the CEO disclosed that the merger team has identified >$300M in cost synergies with >$200M expected in 2011 and the balance in 2012. Further, by the end of 2012 the expected cash tax rate is 15%. Finally, operating targets for each business unit are >20% constant currency growth, >10% organic growth, >35% EBIT margin and an annual cash flow target. All metrics are higher than expected." Biovail Corporation, a specialty pharmaceutical company, engages in the development and commercialization of pharmaceutical products used in the treatment of specialty central nervous system disorders. Biovail is gaining $1.36 this morning in early Tuesday trade.
Posted In: Analyst ColorPrice TargetAnalyst RatingsMoversHealth CarePharmaceuticalsUBS
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...