Oppenheimer Initiates Coverage Of LCI With Outperform

Oppenheimer has initiated coverage of Lannett Company Inc LCI with an Outperform Rating. According to Oppenheimer, "We are initiating coverage of Lannett Company, Inc. (LCI) with an Outperform rating and a 12-18-month price target of $7. We believe the potential approval of LCI's morphine sulfate product during 2Q11 and launch shortly thereafter should prove to be a positive catalyst for LCI shares. Importantly, we view LCI's strategy to vertically integrate the pain management franchise as integral for long-term profitability and also allows for diversification of LCI's revenue stream." LCI has a $7 Price Target and closed at $5.56 yesterday.