Piper Jaffray Reiterates Overweight on Forest Laboratories

Piper Jaffray is out with its report today on Forest Laboratories FRX, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We believe FRX is likely to underperform its peers given its massive generic exposure. Our $29 PT is based on 8x our FY12E EPS of $3.67 (up from $3.66)." Shares of FRX closed Tuesday at $38.42, up 1.24% from Monday's close.