Citigroup reiterates Forest at buy

Forest Laboratories Inc. was reiterated by Citigroup Investment Research analyst Andrew Swanson at a buy with a target price of $56 on first-hand courtroom news of the Lexapro patent challenge. Teva highlighted the weaknesses in Lexapro's intellectual property, its modest benefit versus Celexa and mistakes in the original patent. Citigroup believes Forest's arguments were more effective in demonstrating the need for the invention's patent and showing Lexapro as a superior drug. Shares of the New York City pharmaceutical company were unchanged at $44.26 on volume of 2,393,400 shares versus the three-month running average of 2,401,090 shares. (NYSE: FRX)

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