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Biotech / Medical : Agouron Pharmaceuticals (AGPH) -- Ignore unavailable to you. Want to Upgrade?

To: Henry Niman who wrote (5793)	12/22/1998 8:10:00 PM
From: JOHN W.	Read Replies (1) \| Respond to of 6136

Merrill Lynch/ 12/21/98 "Reason for report: Change of opinions Investment Highlights: - During the second half of 1998 the biotech stocks were re-valued to parity against both the S&P as well as the major pharma group. -We believe the momentum of biotech stocks will be sustained by the impact NESP has on Amgen's stock, which we think will further increase the value of the biotech sector. -We are today arguing that biotech stocks will likely trade at premiums to their growth rates in the same way the overall market and the pharma stocks do. -Based upon new target P/E multiples, we are upgrading Amgen and Genetech to Buy and upgrading Immunex to Accumulate. We also have new price objectives for AGPH, BGEN, GENZ, IDPH, and MEDI."