Merrill upgrades Speedel to buy

Merrill Lynch analyst Erica Whittaker upgraded Speedel Holding to a buy from neutral. The shares are trading significantly below Merrill's theoretical fair value of CHF 185 and the analyst's sum-of-parts valuation suggests greater than 20% upside potential. The valuation is geared to the success of Speedel's Rasilez (SPP100), a first-in-class blood pressure drug that Novartis is expected to launch in 2007. Shares of the Basel, Switzerland, pharmaceutical company were up CHF 14.40, or 9.96%, at CHF 159.00 on volume of 24,317 shares versus the three-month running average of 3,364 shares. (Swiss: SPPN)

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