Jefferies puts Genentech at buy

Genentech Inc. was given a buy rating by Jefferies & Co., Inc. analyst Adam Walsh. Jefferies increased its 2006 earnings-per-share estimate to $1.89 from $1.82 and its price target to $100 from $98. The analyst believes pipeline/execution advances will yield upside surprises and support a higher valuation. Shares of the South San Francisco biotherapeutic company were up $1.65, or 1.87%, at $89.79 on volume of 6,519,100 shares versus the three-month running average of 3,371,620 shares. (NYSE: DNA)

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