Andrx reiterated at hold/speculative by Citigroup

Andrx Group was reiterated at a 2S hold/speculative rating with a $25 price target by Citigroup Investment Research analyst Andrew Swanson on news that the company agreed to be acquired by Watson Pharmaceuticals Inc. for $25 per share in cash. Andrx will report its fourth-quarter 2005 financial results on Thursday. Citigroup forecasts earnings per share of $0.19, while consensus expects $0.20. The analyst believes the company is making progress in resolving its manufacturing issues. Shares of the Davie, Fla., pharmaceutical services company were down 14 cents, or 0.59%, at $23.69 on volume of 2,567,471 shares versus the three-month running average of 1,207,050 shares. (Nasdaq: ADRX)

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