Am Tech Initiates Coverage ON Schering-Plough (SGP) With A Buy

Today, American Technology Research initiates coverage on Schering-Plough (NYSE: SGP) with a Buy and a $26 price target, which is 36% upside from here.

Am Tech said Schering-Plough has been hit hard in the first half of this year with concerns regarding its Vytorin/Zetia franchise, but Am Tech believes that management now has a clear financial grip on the situation and has reacted fast (cut costs) to mitigate the impact. Based on Am Tech's conversations with physicians and thought leaders, it believes that the cholesterol prescriptions are nearing a bottom, and will likely stabilize in the coming weeks.

Also, Am Tech said Schering-Plough's key pipeline asset - suggamadex - an anesthesiology reversal-agent, is exciting, with most physicians referring to it as a game-changing product in anesthesiology. Am Tech expects suggamadex to gain FDA approval on its PDUFA date of August 2, 2008.

Am Tech believes investors should be buying SGP at current levels.

Schering-Plough Corporation is a global science-based healthcare company with prescription, consumer and animal health products.

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