) to strong buy from market outperform.
Analyst Anne Barlow says she downgraded on May 3 due to concerns over the U.S. Attorney office's investigation. She says it was unclear if Express Scripts was a target of the investigation, and it was believed that this was the cause for investor concern due to unknown potential liabilities. Barlow says the company now has positive confirmation that it is not a target, and therefore, she upgraded. Barlow sees $2.41 2002 earnings per share, and $3.01 for 2003. She says the $66 12-18 month target is based shares trading at 22 times her 2003 EPS estimate.