Zacks Investment Research upgraded shares of Forest Laboratories, Inc. (FRX) from NEUTRAL to OUTPERFORM on December 06, 2013, with a target price of $67.00.
Forest reported second quarter fiscal 2014 EPS of $0.36, well above the year-ago EPS of $0.15 and the Zacks Consensus Estimate of $0.14. Revenues grew 12.4% to $855.3 million, easily surpassing the Zacks Consensus Estimate of $829 million. Forest raised its guidance for the year. We are also positive on the new CEO's attempts to make the company a nimbler and more streamlined organization. The CEO announced a strategic initiative, a share buyback program and an accretive deal earlier this month. All three actions should boost the bottom line and help lessen the impact of the Namenda patent expiry, slow new product ramp, and pipeline setbacks. Our earnings and revenue estimates have gone up significantly and we are upgrading Forest to Outperform.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Forest Laboratories, Inc. (FRX),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment