Jefferies upgrades Forest Labs to buy

Forest Laboratories, Inc. was upgraded to buy from a hold rating and given a $54 price target by Jefferies & Co., Inc. analyst David Windley on news of the company's successful resolution of the Lexapro patent litigation. The analyst expects revenues of $802 million and earnings per share of $0.50 for the first quarter of 2007. Jefferies increased its fiscal-year 2008 revenue forecast by more than $500 million to $3.5 billion, due mainly to a higher Lexapro sales forecast. Earnings-per-share estimates for the period were raised to $3.11, from $2.65. Shares of the New York City-based pharmaceutical company were up $6.00 cents, or 15.62%, at $44.40 on volume of 16,201,600 shares versus the three-month running average of 1,814,010 shares. (NYSE: FRX)

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