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Deutsche Bank Upgrades Genentech

Deutsche Bank upgrades biotechnology company Genentech (DNA).

Analyst Jennifer Chao says she ups to buy from hold on positive interim data for Avastin and chemo for treatment of first-line HER2-neg. metastatic breast cancer (MBC).

She says she is defying clinical odds in many respects and with several key potential hurdles removed, believes Genentech is poised to outperform. She notes at 3 and 0 in colorectal, lung, now HER2-neg MBC cancer, the outlook for Avastin is growing significantly brighter.

Chao raises her $998 million 2005 Avastin sales estimate to $1.278 billion and $1.250 billion 2006 to $1.7 billion, $1.21 2005 earnings per share to $1.28, $1.56 2006 earnings per share to $1.68. She raises her $55 target to $76.

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