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Southwest Upgrades MIM Corp. to 'Strong Buy'

Southwest Securities upgraded MIM Corp. (MIMS) to strong buy from market outperform.

Analyst Anne Barlow says the upgrade is based on recently released guidelines for pharmaceutical manufacturers by the Dept. of Health and Human Services. She says these guidelines clarify specific safe harbor provisions that can be used by pharmacy benefit managers regarding rebates. She notes there are no new laws nor obligations for the industry.

Barlow cautions investors about MIMS' relationship with the state of Tennessee, which is considering the use of only one pharmacy benefit managers; she says MIMS is likely to be selected, but earnings per share would suffer by three cents to six cents per share annually if they aren't selected. She sees 65 cents 2003 earnings per share, and has a $10 target.

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