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First Albany upgraded Andrx (ADRX
) to strong buy from buy.
Analyst Adam Greene says he's upgrading to strong buy from buy following the final approval of generic Tiazac, a anti-hypertension drug. He says the approval removes a huge cloud from the stock, and eases concerns regarding any bigger-picture issues, such as regulatory or manufacturing problems. He notes shipments of Tiazac have begun, and the drug will be in pharmacies today. He is keeping his model intact as he had been assuming a second quarter launch. Greene notes Tiazac had been the single largest risk to his estimates for 2003. He sees 2003 and 2004 generic Tiazac sales at $34 million and $45 million, respectively. He maintains his 86 cents 2003 earnings per share estimate and $2.59 2004 estimate.
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