UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Forest Laboratories
In a report published Wednesday, Bank of America reiterated its Buy rating on Forest Laboratories (NYSE: FRX), and raised its price target from $43.00 to $45.00.
Bank of America noted, “We commissioned a survey of 75 physicians that treat COPD to get a sense for current and future prescribing trends and outlook for Tudorza, FRX's recently launched long-acting bronchodilator. In our view, key takeaways from the survey are that the docs expect Tudorza share of their prescribing to grow significantly over the next year, and view the novel inhaler and favorable side effect profile as important positives. As always, we caution investors that the views of these docs may not be indicative of the overall market. Based on the survey results as well as solid early Rx trends, we are raising our Tudorza estimates and increasing our DCF-based PO to $45 (from $43).”
Forest Laboratories closed on Tuesday at $36.41.
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