UPDATE: Bank of America Lowers Price Objective on Forest Labs to $40
According to Bank of America, Forest Labs (NYSE: FRX) price target is lowered to $40.
Bank of America said that it continues to believe that Daliresp (COPD) has significant sales potential given its unique mechanism and unmet need, but it lowered its estimates to reflect more gradual uptake as it could take time for FRX to educate docs on the benefits of the drug and for use to become more widespread. “We are maintaining our Buy rating based on FRX's strong cash flow and balance sheet to support business development activity and buybacks, and low expectations for the pipeline.”
Forest Labs closed yesterday at $30.28.
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