Dain Rauscher Ups Genentech to Buy

Analysts raised 2001 forecast for biotech giant after it beat his third quarter revenues and EPS estimates

Dain Rauscher upgraded its investment recommendation on Genentech (DNA ) to buy from neutral.

The company posted third-quarter EPS of $0.20 compared with $0.16 (pro Forma) on 34% higher product sales. Analyst Andrew Milne says that $524 million revenues and $0.20 EPS were above his estimates. He notes that product sales reached $449 million, driven by Rituxan sales. He raised his 2001 EPS estimate to $0.77, from $0.73 and 2002 to $0.91, from $0.83.

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