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Thomas Wiesel upgraded Genentech (DNA
) to attractive from market perform.
Analyst Patrick Mooney says the $0.22 EPS is in line with his and the Street's estimates. He notes revenues exceeded estimates due primarily to higher-than-expected product royalties, which offset lower-than-expected Rituxan sales. Based on reported sales of Rituxan and Herceptin, he adjusted his Rituxan 2002 sales forecast from $1.10 billion to $1.07 billion and upped the 2003 estimate from $1.27 billion to $1.30 billion. As a result, he cut his $0.91 2002 EPS estimate to $0.87, and cut the $1.10 2003 estimate to $1.07. He also cut the target to $54.