UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Forest Laboratories
In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Forest Laboratories (NYSE: FRX), and raised its price target from $34.00 to $36.00.
Deutsche Bank noted, “FRX reported Q3 non-GAAP loss per share of $0.21, $0.10 wider than consensus, with lower than expected revs (-$40M vs consensus) somewhat offset by a $31M tax benefit and slightly lower than projected operating expenses (-$5M).FRX again posted weak product revs of $678M (DBe $731M), with 3 of the 5 new launches (Bystolic, Daliresp, Viibryd) modestly below our ests. Also of note, flagship drug Namenda came in significantly below forecast at $346M (consensus was $384M), reflecting the impact of higher contract rebates driven by the Medicare Part D gap liability.”
Forest Laboratories closed on Tuesday at $37.85.
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Tags: Deutsche Bank