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Morgan Stanley Lowers Cephalon to 'Equal-Weight'


Morgan Stanley downgraded Cephalon (CEPH) to equal-weight from overweight.

Analyst Marc Goodman says expectations of sales of Provigil, Cephalon's narcolepsy drug for excessive sleepiness, are too high. He sees potential generic competition, and thinks Cephalon may have to lower its operating expenses to meet guidance.

Additionally, he says while Actiq for cancer pain and epilepsy treatment Gabitril continue to ramp up, sales probably won't beat his expectations. Goodman thinks near-term catalysts for the stock are limited. He has a $1.50 2003 earnings per share estimate, and a $2.21 estimate for 2004.


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