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CIBC World Keeps 'Buy' on Andrx Group

Andrx Group (ADRX) gained after CIBC World says it views the recent weakness as a buying opportunity.

Analyst Elliot Wilbur says no incremental information has emerged to cause him to alter his expectations for timeline of or ultimate economic potential for near-term product launches. He notes this includes Tiazac for hypertension, Wellbutrin SR for depression, and Prilosec for gastroesophageal reflux disease.

He thinks ADRX will achieve his $1.99 2002 EPS estimate (excluding Prilosec), and an 20% average EPS growth through 2005. He reiterated buy rating on the stock, but given the current market conditions, he cut his $105 price target to $44.

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