Citigroup maintains Forest Labs at buy

Forest Laboratories Inc. was maintained by Citigroup Investment Research analyst Andrew Swanson at a buy rating and a $53 price target after the company reported adjusted third-quarter earnings of $0.62 per share, in line with consensus, which excludes a $0.05 upfront licensing payment. Revenues of $758 million were essentially in line with Citigroup's $757 million forecast. The analyst said he believes fourth-quarter results and the nebivolol deal reflect improving fundamentals. Shares of the New York City pharmaceutical company were down $1.26, or 2.87%, at $42.63 on volume of 3,168,500 shares versus the three-month running average of 1,847,070 shares. (NYSE: FRX)

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