Forest Labs reiterated by Jefferies at hold

Forest Laboratories Inc. was reiterated by Jefferies & Co., Inc. analyst David Windley at a hold rating and at a target price of $41. Forest reiterated guidance but lowered its research and development forecast by $40 million and its fiscal year 2007 earnings-per-share estimate by 7 cents to $2.46. Slowing growth in the current portfolio coupled with Lexapro litigation preclude a more positive forecast. Shares of the New York 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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