Jefferies lowers Endo price target to $33.50

Endo Pharmaceuticals Holdings Inc. was maintained by Jefferies & Co., Inc. analyst David Windley at a buy rating, but the price target was lowered to $33.50 from $35.00 after the company reported 2006 guidance with a weaker outlook. Generic pricing, particularly for oxycodone ER, for which 180-day exclusivity expired Dec. 7, is falling faster than expected. This accounts for about $65 million in revenue guidance shortfall versus Jefferies' forecast. Shares of the Chadds Ford, Pa., specialty pharmaceutical company were down $1.55, or 4.93%, at $29.88 on volume of 5,249,113 shares versus the three-month running average of 1,124,020 shares.

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