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Biotech / Medical : momo-T/FIF

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To: zeta1961 who wrote (4117)	3/20/2006 7:43:34 AM
From: tom pope	Read Replies (1) of 12215

Merrill shares your skepticism. That was one hell of a run on Friday: Genentech Inc (DNA, $88.14, C-2-9) Maintain Neutral; Overreaction to Higher Guidance from Analyst Day. Raised 06E to $1.88 from $1.79 and 07E to $2.47 from $2.42. Higher '06 guidance was not from higher product sales (key to future growth), but from higher sales to collaborators (low margin & expected to grow 4% annually). Also, investment income may be higher due to biotech stock gains and expenses may be lower. DNA raised long-term ('05 - '10) growth projections from 20% to 25%. But, our prior est was for 28% growth, which is above guidance. Thus, we lowered our long-term growth rate to 27%.

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