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Biotech / Medical : analysts and calls -- B of A

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From: scaram(o)uche	1/15/2005 12:30:58 PM
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Several of us have bemoaned that lack of coverage, post-Enron era, of small caps. This is what a BofA analyst is forced to do, having initiated coverage for an interesting newcomer (emphasis mine)..... = We reiterate our Neutral rating and are introducing a new price target of $6, down from $8, based on the revised valuation methodology published in our recently released BofA Biotechnology 2005 Preview. = Valuation and Target Price Analysis:We reach our $6 target by multiplying the profitable peer's mean P/E of 30 by a ratio of the company's CAGR to the profitable peer's CAGR, and then by our FY09 EPS of $0.37, discounted back by 53%. I wonder if they are allowed to initiate coverage with a "no opinion" and no price target, just for the joy of returning to small cap??? Just plain pukin' silly.

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