Forest Laboratories Upgraded by Morgan Stanley to Overweight (FRX)
Forest Laboratories (NYSE:FRX) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, StockRatingsNetwork reports. The firm currently has a $86.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential downside of 11.61% from the company’s current price.
The analysts wrote, “Our Base Case is an earnings and multiple call: cons under-estimates durability of growth. We raised F15E (Mar) EPS 25% from $3.13 to $3.90 (5% above cons) and F16E EPS 23% from $3.86 to $4.73 (9% above cons). Cons is not fully updated for the Aptalis close Feb 3rd, but we believe investors under-appreciate Namenda earnings durability in the wake of the hard conversion to longer patent life XR announced late-Friday Feb 14th. We est. Forest F16-F21 5-yr EPS CAGR of 8%, and we believe cons under-estimates durability of growth and P/E will rise.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated an “outperform” rating on shares of Forest Laboratories in a research note on Monday, February 10th. They now have a $83.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. upgraded shares of Forest Laboratories from a “neutral” rating to an “overweight” rating in a research note on Tuesday, February 4th. They now have a $78.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $64.35.
Forest Laboratories (NYSE:FRX) traded up 3.53% during mid-day trading on Tuesday, hitting $97.30. 6,583,053 shares of the company’s stock traded hands. Forest Laboratories has a 52 week low of $35.22 and a 52 week high of $94.68. The stock’s 50-day moving average is $68.21 and its 200-day moving average is $52.62. The company has a market cap of $26.364 billion and a price-to-earnings ratio of 162.03.
Forest Laboratories (NYSE:FRX) last announced its earnings results on Tuesday, January 21st. The company reported $0.07 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.02. The company had revenue of $846.80 million for the quarter, compared to the consensus estimate of $827.25 million. During the same quarter last year, the company posted ($0.21) earnings per share. Forest Laboratories’s revenue was up 22.6% compared to the same quarter last year. Analysts expect that Forest Laboratories will post $1.33 EPS for the current fiscal year.
Forest Laboratories, Inc (NYSE:FRX) develops, manufactures and sells branded forms of ethical drug products, which requires a physician’s prescription.
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