Investing
Piper Jaffray Initiates Coverage on Genzyme (GENZ) with a Buy; Attractive Entry Point
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Piper Jaffray & Co. initiates coverage on Genzyme (Nasdaq: GENZ) with a Buy rating and $86 price target, citing steady growth with highly achievable catalysts.
Piper analyst says, “We believe GENZ shares offer steady growth with highly achievable NT catalysts. NT visibility into earnings combined with sophisticated use of its balance sheet for clinical partnerships puts the company in a stronger position to offer reliable growth at a highly reasonable price (currently trading at 11x our 2009 EPS forecast). Moreover, following the closing of Roche’s acquisition of DNA, we expect GENZ to be well positioned to capture a redeployment of profits…
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