From Standard & Poor's Equity ResearchWEDBUSH MORGAN UPGRADES ELIZABETH ARDEN TO BUY FROM HOLD
Wedbush Morgan analyst Rommel Dionisio says according to recent channel checks of prestige fragrance counters at major U.S. department stores and specialty retailers, Elizabeth Arden's (RDEN) fragrance Viva La Juicy (its first major introduction under newly acquired licenses from Liz Claiborne (LIZ)) appears to have achieved No. 1 market share of new fragrance launches during the key holiday selling season.
Given that Viva was actually a follow-up fragrance under an already established franchise, he says the runaway success of this particular launch comes as a rather unexpected surprise.
He has $15 price target on the stock.
ROTH KEEPS BUY ON SAVIENT PHARMACEUTICALS
Savient Pharmaceuticals (SVNT) says pegloticase BLA gets priority review from the Food and Drug Administration. Roth analyst Andrew Vaino says the priority review is meant to speed through approval process drugs that the FDA believes will serve a substantial unmet need and provide meaningful benefit. He says priority review nearly doubles the odds of first-cycle approval.
Vaino notes that the FDA's target date to rule on BLA is April 30, but, given the FDA's recent track record hitting target dates, he'll believe it when he sees it; however, he thinks the advisory panel is likely in March.
He expects priority review to improve SVNT's chances of securing a marketing partner for pegloticase. He keeps $7 price target.
MORGAN JOSEPH UPGRADES AXSYS TECHNOLOGIES TO BUY FROM HOLD
Morgan Joseph analyst Michael French says Axsys Technologies (AXYS) stock is oversold and he thinks the valuation is attractive.
French says management had indicated that business is operating smoothly despite the macro economy. He believes AXYS is well funded, with $11-$13 million cash from operations expected in the fourth quarter and $40 million undrawn revolver.
He thinks the company is well positioned for acquisitions. He says the company could outperform his expectations if it is able to make an accretive acquisition or if its growth initiatives, such as penetrating new markets, prove successful.
He maintains $2.27 for 2008 and $2.66 for 2009 EPS estimates. He sets $64 price target.