Dain Rauscher upgraded its investment recommendation on Genentech (DNA) to buy from neutral.
The company posted third-quarter EPS of $0.20 compared with $0.16 (pro Forma) on 34% higher product sales. Analyst Andrew Milne says that $524 million revenues and $0.20 EPS were above his estimates. He notes that product sales reached $449 million, driven by Rituxan sales. He raised his 2001 EPS estimate to $0.77, from $0.73 and 2002 to $0.91, from $0.83.