UPDATE: Canaccord Genuity Initiates Coverage on Lannett Company with Buy Rating, $7 PT

In a report published Friday, Canaccord Genuity initiated coverage on Lannett Company NYSEAMEX: LCI) with a Buy rating and $7.00 price target. Canaccord Genuity noted, “We are initiating coverage on Lannett Company (LCI) with a BUY-rating and $7 price target. We see an attractive 3- to 5-year growth story (36% EPS CAGR through 2017E) underpinned by LCI's vertically integrated pain management franchise (narcotics, controlled substances) that is differentiated and high barrier, as well as a robust pipeline with several large product opportunities that can drive P&L upside. LCI's fiscal 1Q results last night provided a solid start to the year and added confidence to fiscal 2013 guidance.” Lannett Company closed on Thursday at $4.00.