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Biotech / Medical : PHCC Priority Healthcare

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To: Angler who wrote (7)	12/24/2000 12:20:47 AM
From: blebovits	of 103

Lehman analyst Larry Marsh raised his price target to $44 from $37.50 RESEARCH ALERT - Priority Healthcare price target raised NEW YORK, Dec 19 (Reuters) - Lehman Brothers on Tuesday said it raised Priority Healthcare Corp.'s <PHCC.O> 12-month stock price target after the healthcare products distributor unveiled plans to purchase Freedom Drug. The purchase of specialty pharmacy Freedom Drug, announced Monday, is expected to close in 2001 and boost earnings immediately. Lehman analyst Larry Marsh raised his price target to $44 from $37.50 in response, he said. Marsh forecast that the deal could boost Priority Healthcare earnings per share by 3 cents to 6 cents a year, with most gains occurring in 2001. "We see this addition to be a very nice broadening of (Priority)," Marsh wrote in a report issued Tuesday. Shares closed Monday at $33-1/2 on the Nasdaq, off a 52-week high of $40-1/4, but above a low of $11-5/8.

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