Jefferies Comments on Forest Labs

Jefferies provided color on Forest Labs

in a research report published today. Jefferies has previously given Forest Labs a Buy rating and $46 price target. In the report, Jefferies states, "We think most people have missed the fact that in its SEC filing on Friday and its letter to shareholders today to support its proxy battle against Carl Icahn, Forest provided a first-time look at its internal projections for revenue in 2016. The only numbers were a 10% CAGR in revenue and 30% in EPS from F'13- F'17. And FRX stated that F'16 would be "greater than" F'11 (of $4.42B). But individual product projections can be derived." Shares of Forest Labs were trading at $36.71 at the time of posting, down 0.94% from Friday's close.