Duncan Williams Maintains Forest Laboratories Buy, $48 PT

Duncan Williams maintained its Forest Laboratories (NYSE: FRX) Buy rating and $48 price target in a research report published today.

In the report, Duncan Williams states, "Forest successfully thrwarted Icahn's attempts to install directors on its board and we think the experience has strengthened the company. During this time period management provided additional transparency regarding business development activities and long-term growth targets, actively solicited shareholder feedback, added three new directors to its board, bought back $350 million in shares, and made a stronger commitment to corporate governance."

Shares of Forest Laboratories were trading at $33 at the time of posting, down 0.54% from Thursday's market close.