J.P. Morgan Rates Forest Laboratories (FRX) Underweight

J.P. Morgan analysts Chris Schott, Dewey Steadman and Jessica Fye maintained their rating of Underweight for shares of Forest Laboratories, Inc. (NYSE: FRX), with a price target of $27 per share.The analysts said that it's unlikely that Daxas will prove to be a meaningful earnings driver for Forest Laboratories, Inc.The J.P. Morgan analysts wrote, "complete response letter does not request additional studies. In its complete response letter, FDA requested additional information and analyses on previously submitted data and no new patient trials were requested. The complete response letter is not surprising given the late change in indication by Forest (to only the most severe COPD patients) and the tone of last month's advisory committee panel. However, the ultimate Daxas label will be critical to uptake and we continue to lack clarity on this issue. Forest plans to submit a response by 3Q/10, pushing an FDA decision out to early 2011."Learn how to find the best stocks to trade each day in our 70 page E-Book and 90 minute online video for free.