Robertson Stephens Reiterates Buy Rating on FRX.
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 19, 2000
Robertson Stephens Managing Director and Senior Specialty Pharmaceuticals Analyst Donald B. Ellis today reiterated his Buy rating on Forest Laboratories (NYSE NYSE
See: New York Stock Exchange :FRX FRX Frame Relay Exchange (provides backbone connectivity for HUB sites)
FRX Frequently Repeated Line
FRX Fox Pro Report ), after the company reported strong third quarter earnings. Forest develops and markets branded, generic and non-prescription drugs in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Western and Eastern Europe Eastern Europe
The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. .
"We are reiterating our Buy rating and $65 target price on Forest, after the company reported better-than-expected third quarter 2000 earnings," said Ellis. "Forest reported earnings-per-share of $0.36, compared to $0.25 for the third quarter of 1999 and versus our estimates of $0.34. Revenues came in at $241 million, a 56 percent increase over last year and 14 percent above our estimates of $212 million."
"In addition, Celexa sales in the third quarter were $118 million, up 21 percent sequentially from the second quarter, and 10 percent above our estimate of $107 million," said Ellis. "As a result, we are increasing our fourth quarter 2000 sales estimate to $123 million."
"Forest enjoys one of the highest organic growth rates Growth Rates
The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures.
Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the specialty pharma industry, which we believe will continue to drive growth through fiscal 2001," said Ellis.
Clients interested in receiving more information should contact their salesperson at 415/781-9700.
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