Merrill upgrades Genentech to buy

Merrill Lynch analyst Eric Ende upgraded Genentech Inc. to buy with a $97 price target. With a forecasted earnings-per-share growth rate of 23%, Avastin, Herceptin and Lucentis could provide upside to estimates: Avastin in lung and breast cancer markets, Herceptin in adjuvant breast cancer and Lucentis in AMD. Shares of the South San Francisco, Calif.-based biotherapeutic company were up 59 cents, or 0.75%, at $79.10 on volume of 2,914,000 shares versus the three-month running average of 3,653,360 shares. (NYSE: DNA)

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