S&P Capital IQ Reiterates its BUY Rating on Vertex Pharmaceuticals, Target Price Reduced

October 29 00:00 2011

New York, October 29 (RainbowNewsLine.com) – Analyst Steven Silver of S&P Capital IQ reiterates his BUY rating on the shares of Vertex Pharmaceuticals (NASDAQ: VRTX), while raising his estimates for the company. The target price has been reduced from $60 to $55.

Analyst Steven Silver, in a research note published yesterday mentions that the company has reported its Q3 EPS ahead of the estimates, reflecting $420 million from the sales of Incivek beating the estimated $320 million. The launch of Incivek is viewed as a positive news, which will result into $2 billion sales in 2012, the analyst says. The analyst expects Vertex’s shares to remain volatile in the midst of recently moderating prescription growth trends and tough competition with Hepatitis-C. The EPS estimate for 2012 has been raised from $4.08 to $4.14.

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