Zacks Reiterates “Neutral” Rating for Forest Laboratories (FRX)
Forest Laboratories (NYSE:FRX)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Wednesday, AnalystRatings.Net reports. They currently have a $49.00 price objective on the stock. Zacks‘ target price would suggest a potential upside of 5.29% from the stock’s previous close.
Zacks‘ analyst wrote, “Forest reported second quarter fiscal 2014 earnings of $0.36 per share, well above the year-ago earnings of $0.15 per share and the Zacks Consensus Estimate of $0.14 per share. Second quarter revenues grew 12.4% to $855.3 million, well above the Zacks Consensus Estimate of $829 million. Results reflected the strong performance of some of the company’s newly launched products as well as lower R&D spend. Forest raised its guidance for the year. The company has launched several new products over the past couple of years and is looking to launch additional products going forward. Forest has an important regulatory event coming up this year for cariprazine. With Namenda slated to face generic competition from early 2015 putting $1+ billion at risk, new product launches need to be successful. We remain Neutral on the stock.”
Shares of Forest Laboratories (NYSE:FRX) traded up 0.09% during mid-day trading on Wednesday, hitting $46.58. The stock had a trading volume of 1,541,058 shares. Forest Laboratories has a one year low of $31.71 and a one year high of $44.92. The stock’s 50-day moving average is $43.42 and its 200-day moving average is $40.24. The company’s market cap is $12.504 billion.
Forest Laboratories (NYSE:FRX) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $0.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.14 by $0.12. The company had revenue of $811.40 million for the quarter, compared to the consensus estimate of $840.96 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Analysts expect that Forest Laboratories will post $0.96 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on FRX. Analysts at Credit Suisse initiated coverage on shares of Forest Laboratories in a research note to investors on Tuesday, October 8th. They set a “neutral” rating on the stock. Analysts at GARP Research initiated coverage on shares of Forest Laboratories in a research note to investors on Wednesday, September 18th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $42.00.
Forest Laboratories, Inc (NYSE:FRX) develops, manufactures and sells branded forms of ethical drug products, most of which requires a physician’s prescription.
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