Erste Bank analysts gave a "buy" recommendation on the stock ofBiofarm Bucuresti (BIO) drug maker and indicated a target price of0.226 RON/share, 33% higher than the stock's yesterday quote on themarket, of 0.17 RON, as they expect the company's turnover toadvance further in the following years also amid the company'srising market share. Previously, Erste had a "hold" recommendationon Biofarm stock, with a target price of 0.21 RON/share. "Despitethe highly unfavourable environment, Biofarm managed to boost itsturnover in the first quarter by 21%, to 22.6m RON, and operatingincome rose by 39% from the same period of 2009, to 7.5m RON. Weexpect a similar development in the second quarter, followed byslower growth particularly in the last three months of the year,when the crisis will hurt the pharmaceutical market, especially interms of delayed payments, a phenomenon that may gain momentum,"say Erste analysts. Should Erste estimates materialise, Biofarm ispoised to post the biggest turnover leap in the past 5 years, of18%, to 79m RON, and the company's profit from core activities isexpected to rise by 21% to 16.7m RON.
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