Merrill keeps PDL at buy

PDL BioPharma Inc. was reiterated by Merrill Lynch analyst Thomas McGahen at buy. Merrill raised its price target to $40 from $37. The company reported in-line fourth-quarter 2005 earnings per share of $0.06 with modestly higher-than-expected royalties. Merrill raised its total revenue estimate $426 million from $393 million in 2006 and its earnings-per-share estimates to $0.41 from $0.36 in 2006, to $0.82 from $0.78 in 2007 and to $1.24 from $1.19 in 2008. Shares of the Fremont, Calif., biopharmaceutical company were up 76 cents, or 2.49%, at $31.31 on volume of 3,457,766 shares versus the three-month running average of 1,319,630 shares. (Nasdaq: PDLI)

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