Jefferies lowers Forest Labs' price target, reiterates hold

Forest Labs Inc. was reiterated by Jefferies & Co. Inc. analyst David Windley at a hold rating with the price target lowered to $38 from $39 on news of an overhang of impending Lexapro patent litigation with IVAX, along with the drug's slowing growth. Jefferies said Lexapro sales of $467.4 million were $10 million below estimates. Shares of the New York-based pharmaceutical company were up $0.27, or 0.77%, at $35.53 on volume of 5,022,700 shares versus the three-month running average of 2,063,750 shares.

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