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BofA Starts Coverage of Biovail with 'Sell'

Banc of America initiated coverage of Biovail (BVF) with a sell recommendation and set a $22 price target.

Analyst David Maris says that while his review of Biovail's product pipeline is mixed, with Wellbutrin XL a great opportunity but others less so, he believes that economic profits have been negligible in the past several years, as demonstrated by a big gap between GAAP results and the company's pro forma adjusted estimates. Maris says Biovail screens at nearly the bottom of the list in many categories, such as return on invested capital, and with sizable debt, low cash balance, several recent negative earnings revisions, he would rather wait for greater organic growth and EPS revision stability before revisiting his rating.

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