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First Albany Lowers AaiPharma to 'Buy'


First Albany downgraded AaiPharma (AAII) to buy from strong buy.

Analyst Adam Greene says he thinks the risk/reward profile isn't as favorable at these levels despite AaiPharma's low valuation (about 16 times the forward earnings per share.) He says he doesn't believe the drugmaker will trade at the current 24 times the forward p-e of the peer group, thus he believes the upside is about $28, should he see multiple expansion.

On the heels of AaiPharma's 2004 guidance, Greene raised the 2004 earnings per share estimate by 9 cents, to $1.50, and upped the $320.4 million revenue estimate to $351.1 million.


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