FBR Capital Markets Initiates Coverage on Forest Laboratories (FRX)
Investment analysts at FBR Capital Markets started coverage on shares of Forest Laboratories (NYSE:FRX) in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm set a “market perform” rating and a $48.00 price target on the stock. FBR Capital Markets’ price target would suggest a potential upside of 1.80% from the company’s current price.
A number of other analysts have also recently weighed in on FRX. Analysts at BMO Capital Markets upgraded shares of Forest Laboratories from an “underperform” rating to a “market perform” rating in a research note to investors on Friday, October 25th. They now have a $33.00 price target on the stock, up previously from $27.00. Separately, analysts at Barclays raised their price target on shares of Forest Laboratories from $36.00 to $39.00 in a research note to investors on Wednesday, October 23rd. They now have an “equal weight” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Forest Laboratories in a research note to investors on Wednesday, October 23rd. They now have a $49.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $43.67.
Forest Laboratories (NYSE:FRX) opened at 47.15 on Wednesday. Forest Laboratories has a 1-year low of $31.71 and a 1-year high of $48.00. The stock’s 50-day moving average is $44.44 and its 200-day moving average is $41.89. The company’s market cap is $12.657 billion.
Forest Laboratories (NYSE:FRX) last announced its earnings results on Tuesday, October 22nd. The company reported $0.26 earnings per share (EPS) for the quarter, beating the 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. On average, analysts predict that Forest Laboratories will post $1.09 earnings per share for the current fiscal year.
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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