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Genentech Set For Strong Growth Through 2007

Prudential Equity Group reiterated a “overweight” rating on Genentech (nyse: DNA) and raised its target price to $100 from $81 and raised earnings-per-share estimates for fiscal 2005 and 2006. “Following the swell of positive oncology data presented at the American Society of Clinical Oncology earlier this month and positive top-line Lucentis data, we believe 2005 is on track for earnings growth of nearly 40% and anticipate a wave of accelerating earnings growth to exceed 50% in 2006, while 2007 should continue to enjoy over 30% growth. This represents potentially five consecutive years of earnings growth in excess of 30% on a non-GAAP basis,” the research firm said. Earnings per share for 2005 and 2006 are now estimated at $1.15 and $1.77, up from $1.14 and $1.70, respectively. Third-quarter EPS for the third quarter 2005 was raised a penny to 29 cents.

http://www.forbes.com/technology/sciences/2005/06/01/0601automarketscan07.html

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