Forest Labs hold rating reiterated by Jefferies

Jefferies & Co., Inc. has reiterated its hold rating for Forest Laboratories, Inc. but has lowered its price target to $39 from $40. Analysts David Windley and Himanshu Rastogi expected second fiscal-quarter results to meet consensus, but prescription growth for the company's three major products (Lexapro, Namenda and Benicar) was slightly lower than forecast. They predicted this will make the 2006 earnings per share consensus of $2.33 difficult to achieve and have lowered the estimate to $2.25.

Shares of the New York-based pharmaceutical company were down $0.03, or 0.08%, at $36.22 on volume of 2,089,300 shares versus a three-month running average of 2,006,810 shares.

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