Forest Labs target price upped by Jefferies

Forest Laboratories Inc. was maintained by Jefferies & Co. analyst David Windley at a hold rating, but the price target was raised to $40 per share from $33 on improved earnings expectations. Jefferies raised its estimate for 2006 EPS to $2.25 from $2.21 and 2007 EPS to $2.71 from $2.38. New York-based Forest Labs develops and makes prescription and over-the-counter drugs for a variety of medical conditions. Forest Labs shares Friday slipped by 4 cents, or 0.09%, to $42.36 on volume of 1.32 million shares versus the three-month running average of 1.84 million.

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