Citi Raising Estimates On Forest Labs (FRX)

Citi Investment Research is raising its earnings estimates on Forest Laboratories, Inc. FRX after the FDA approved the injectable antibiotic ceftaroline. It has a $33 price target, and a Buy/High Risk rating on shares of Forest Laboratories. In the research report, Citi writes, "FRX’s Daxas response to the FDA’s Complete Response Letter expected in 3Q10; ceftaroline PDUFA date for cSSSI/CABP expected in late Oct ‘10; aclidinium Phase III ACCORD COPD II (BID) top-line results, aclidinium/formoterol Phase II top-line results & linaclotide Phase III top-line IBS-C results expected in 4Q10, and levomilnacipran Phase III top-line depression results & aclidinium Phase III ATTAIN (BID) top-line results expected in 1Q11." Shares of Forest Laboratories closed at $29.45 yesterday.