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Morgan Stanley Ups Shire to 'Overweight'


Morgan Stanley upgraded Shire Pharmaceutical (SHPGY) to overweight from equal-weight.

Analyst Marc Goodman says he's more bullish on the stock as he favors Shire's business model in the current environment. He says he gained further visibility on Adderall; this includes the impact of the launch of Adderall XR, the company's generic competition for Adderall. He notes Adderall XR is performing above his expectations, and says the negative impact on Adderall from generic competition appears to have peaked.

Goodman remains cautious on Shire's Fosrenol product; but he believes sales expectations are low enough that the risk/reward is very favorable. He sees $1.44 2002 earnings per share and $1.66 for 2003. Goodman has a $35 target.


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