Jefferies reiterates Genentech at buy

Genentech Inc. was reiterated by Jefferies & Co., Inc. analyst Adam A. Walsh at a buy rating and a $98 price target after the company announced solid fourth-quarter earnings. Jefferies increased its 2006 earnings-per-share estimate to $1.82 from $1.67. Investors may need to expect more reasonable returns in this fiscal year as recent outsized gains in the company's shares in 2005 are unlikely to be duplicated, Jefferies said. Shares of the South San Francisco, Calif., biotechnology company were down $4.12, or 4.41%, at $89.22 on volume of 13,443,400 shares versus the three-month running average of 3,339,770 shares. (NYSE: DNA)

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