UPDATE: Jefferies Raises PT on Forest Laboratories Following New Board Member Announcement

In a report published Wednesday, Jefferies analyst Corey Davis reiterated a Buy rating on Forest Laboratories (NYSE: FRX), and raised the price target from $43.00 to $48.00.

In the report, Jefferies noted, “In an effort to avert a 3rd proxy battle, FRX announced a new, Carl Icahn-designated board member. In exchange, Icahn has agreed to vote his ~12% stake in support of the full board as well as to certain, undisclosed standstill provisions. While this could deflate expectations for a potential FRX sale in the near term, we think little was in the stock and expect shares to continue to trade on strong fundamentals. Raising PT to $48.”

Forest Laboratories closed on Tuesday at $41.03.