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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: Ian@SI who wrote (371)1/5/1999 11:03:00 PM
From: Ian@SI  Read Replies (2) of 1321
 
Another reason for some buying may have been the Merrill Lynch upgrade.

I'm impressed. When it was trading below $20 Cdn, their rating was reduce.

Now that it's trading over $40 Cdn, they raise their rating to Accumulate and their price target to $48. Amazing...

Full report available at askmerrill.com if you register.

Ian

Price – Local/US: C$34.25/
US$22 11/16
12 Month Price Objective: C$48.00/US$31

Investment Highlights:

· We are raising our price objective from $40.00
to $48.00, based on applying a 15% discount
rate and a 35x P/E multiple to our 2001 EPS
estimates of $1.82. We have lowered our
discount rate by 10% to account for the
positive Phase III results. We have upgraded
our long-term rating on the stock from
Neutral to Accumulate.
5 January 1999
André Uddin, Ph.D.
Senior Analyst
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