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USB Piper Upgrades Mylan Labs to 'Outperform'

USB Piper upgraded Mylan Labs (MYL) to outperform.

Analyst Timothy Coan says he upgraded from market perform on improved visibility for fiscal 2005 (March), an attractive return from his $31 price target.

Coan says Mylan announced its intention to launch a generic version of Johnson & Johnson's Duragesic, a patch for pain, no later than July 23, 2004. He notes this compares to his current projection of a Jan. 23, 2005 launch. With the launch of a major drug with limited competition coming this summer, he believes Mylan's fiscal 2005 has just gained a significant new driver. He sees $1.23 fiscal 2004 earnings per share, and raised the $1.50 fiscal 2005 estimate to $1.56.

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