Raymond James Keeps Strong Buy on Bradley Pharma

Analyst Michael Krensavage sees new product launches helping the company top his 2003 forecasts

Bradley Pharmaceuticals (BDY ) sees third-quarter earnings per share at or above 34 cents to 36 cents. Raymond James reiterated its strong buy rating on the shares.

Analyst Michael Krensavage says Bradley indicated third-quarter earnings per share will be better than expected, exceeding his 29-cent estimate, and year-ago EPS of 18 cents. He notes Bradley also sees 2003 EPS exceeding its former $1.01 estimate, with 2003 revenue topping his target of at least $64 million, aided by launches this year of two products: Rosula for rosacea and AnaMantle for hemorrhoids. Krensavage says that while growth of the company's Carmol skin softener is likely to slow down in the future due to competition, new drugs are helping the company overcome this situation.

Krensavage maintains his $1.12 2003 EPS estimate on $66 million in revenues. He sees $1.55 2004 EPS. The analyst has a $36 price target on the shares.

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