Cantor Fitzgerald Reiterates Hold Rating for Forest Laboratories (FRX)
Forest Laboratories (NYSE:FRX)‘s stock had its “hold” rating reaffirmed by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday, AmericanBankingNews.com reports. They currently have a $89.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential downside of 0.56% from the stock’s previous close.
Forest Laboratories (NYSE:FRX) traded up 0.35% on Tuesday, hitting $89.81. The stock had a trading volume of 865,750 shares. Forest Laboratories has a one year low of $36.89 and a one year high of $100.88. The stock has a 50-day moving average of $91.67 and a 200-day moving average of $69.93. The company has a market cap of $24.335 billion and a P/E ratio of 154.31.
Forest Laboratories (NYSE:FRX) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.44. The company had revenue of $1.05 million for the quarter, compared to the consensus estimate of $959.00 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. On average, analysts predict that Forest Laboratories will post $1.33 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at SunTrust downgraded shares of Forest Laboratories from a “buy” rating to a “neutral” rating in a research note on Friday. They now have a $94.00 price target on the stock. Separately, analysts at Piper Jaffray downgraded shares of Forest Laboratories from an “overweight” rating to a “neutral” rating in a research note on Wednesday, March 12th. They now have a $96.00 price target on the stock, up previously from $91.00. Finally, analysts at Credit Suisse downgraded shares of Forest Laboratories from an “outperform” rating to a “neutral” rating in a research note on Monday, February 24th. They now have a $96.00 price target on the stock, up previously from $85.00. Twelve analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $78.12.
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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