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ABN Amro Cuts Rating on Ivax

ABN Amro downgraded shares of Ivax (IVX) to hold from add on the expectation of increasing volatility and decreasing visibility.

Analyst Timothy Coan says on Friday, Bedford Labs received final approval to sell the oncology drug paclitaxel, making it the second generic competitor for this product to surface within the past week. He notes that until last week, IVX was the only generic competitor in the $1 billion market, and had used this exclusivity to power strong sales and EPS upside during the period. Now he thinks the Paclitaxel opportunity is moderately less attractive than it had previously been.

He sees EPS of $1.13 this year and $1.28 in 2002.

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