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Thomas Wiesel Cut Forest Labs

Thomas Weisel cut Forest Laboratories (FRX) to peer perform from outperform.

Analyst Donald Ellis said news of a failed milnacipran trial calls into question the company's future growth prospects absent significant acquisitions. He noted that he'd anticipated approval based on positive Phase II results, and was looking to milnacipran as the next potential blockbuster drug that would reinvigorate the company's growth. He believes the current premium is unwarranted given the absence of a late-stage R&D pipeline, slowing revenue, earnings growth, and minimal visibility of near-term positive catalysts. He sees 53 cents in earnings per share in the second quarter on $762.2 million in revenue and $2.35 fiscal year 2006 (ending March) earnings per share on $3.17 billion revenue.

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