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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: keta who wrote (6922)	2/5/1999 7:16:00 AM
From: BigKNY3	Respond to of 9523

PaineWebber, Merck -2: Raises 12-Mo. Price Target To $166 02/02/99 Dow Jones News Service NEW YORK (Dow Jones)--PaineWebber Inc. analyst Jeff Chaffkin upgraded Merck & Co. (MRK) to attractive from neutral and raised his 12-month price target on the company's shares to $166 from $153, saying they are trading at a significant discount to other drug stocks. In a research note, Chaffkin pointed out that since Merck has already guided 1999 earnings estimates down to between $4.85 and $4.95 a share, the company has "materially" reduced the risk of an earnings disappointment. He added that expectations for the company came down after Merck announced a delay in its substance P development program for a product to treat depression, and that this disappointment and concerns over pending patent expirations are already factored into the stock price. Chaffkin also said he sees enormous potential for Merck's new arthritis compound, Vioxx, which is currently under expedited review by the Food and Drug Administration. The analyst expects Merck to launch the drug in June. Chaffkin said he believes the closing of the merger of Zeneca Group PLC (ZEN) and Astra AB (A, AAB) could generate an additional payment of $1.6 billion to $1.95 billion to Merck, which could add another 5 cents to 10 cents a share to earnings in the year 2000 and beyond. Chaffkin projects Merck will earn $4.90 a share in 1999. He raised his earnings estimate for 2000 to $5.50 a share from $5.45. The company earned $4.30 a diluted share in 1998. Merck's NYSE-listed shares were recently up 2 9/16, or 1.7%, at 149 1/2.

To: keta who wrote (6922)	2/5/1999 7:42:00 AM
From: BigKNY3	Read Replies (5) \| Respond to of 9523

Merrill Lynch: Drug approvals in lull, Pfizer a favorite Updated Wed Feb 3, 1999 14:57 GMT By Bridge News New York--Feb 3--Merrill Lynch today released a report on the global pharmaceutical industry saying a "short-term lull in product approvals is underway." The firm predicts a 6% market growth in 1999, which is equal to the growth seen in 1998. * * * Merrill Lynch said the slowdown in approvals should be temporary due to"burgeoning" development pipelines. Pfizer remains one of Merrill Lynch's favorite picks in the sector. Other attractive drug companies include SmithKline Beecham, Warner-Lambert, Johnson &Johnson and Yamanouchi. The firm said its investment strategy continues to focus on companies with strong growth from recently marketed products or those with drugs to be launched in the next 2 years.