| An SI Board Since October 2002 |
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| Emcee:
Icebrg
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Unmoderated
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RESEARCH ALERT-Prudential raises Genentech price target
Thursday October 10, 12:00 pm ET
NEW YORK, Oct 10 (Reuters) - Prudential Securities on Thursday said it raised its stock price target for Genentech Inc. (NYSE:DNA - News) to $31 from $25 after the company reported stronger sales of cancer drugs than the brokerage had expected.
Analyst John Sonnier also raised his earnings prediction for 2002 to 91 cents a share from 90 cents, and raised his estimate for 2003 to $1.04 a share from $1.01.
Genentech reported earnings of 76 cents a share for 2001. The company reported third-quarter results after the market closed on Wednesday.
"The strong (third) quarter was due to robust sales across all product categories, each of which was slightly above our estimate," Sonnier said in a research report. "Rituxan posted an impressive $294 million in total sales versus our estimate of $285 million."
He added, "Overall, our view on Genentech remains unchanged. We continue to view Genentech as a bellwether leader in the biotech sector."
Genentech shares were off $2.12, or 6.6 percent, at $29.76 in early New York Stock Exchange trade.
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