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First Albany Upgrades Barr Labs to 'Strong Buy'

First Albany upgraded Barr Laboratories (BRL) to strong buy from buy.

The FDA approved Barr's Seasonale oral-contraceptive tablets, and analyst Adam Greene says he projects the rollout of Seasonale into the market over the next two months. He sees $14 million fiscal 2004 (June) Seasonale sales, and $39 million in fiscal 2005. He says Barr has an impressive drug pipeline that includes 30-plus abbreviated new drug applications pending approval, addressing about $8.9 billion in commercial sales.

Greene sees the potential for significant upside to his $3.24 fiscal 2004 and $3.92 fiscal 2005 earnings per share estimates. He raised the $73 target to $88.

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