Zacks Bull and Bear of the Day Highlights: BioMarin, Alpharma, Manpower and Allied Irish Banks

Business Wire, Dec 19, 2007

CHICAGO -- Zacks Equity Research highlights BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) as the Bull of the Day and Alpharma, Inc. (NYSE: ALO) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Manpower (NYSE: MAN) and Allied Irish Banks, Plc (NYSE: AIB). Full analysis of all these stocks is available at http://at.zacks.com/?id=2676.

Here is a synopsis of all four stocks:

Bull of the Day:

Our Bull of the Day recommendation is for BioMarin Pharmaceutical Inc. (Nasdaq: BMRN), which develops enzyme therapies for serious chronic genetic disorders and other diseases and conditions. Its leading product, Aldurazyme, is used for treating the ultra-rare genetic disorder mucopolysaccharidosis-I (MPS-I) while its second product, Naglazyme, is approved for the treatment of MPS-VI. Recently, the company received FDA approval for its third product, Kuvan, for the treatment of PKU. Strong sales of Kuvan, coupled with accelerating sales of both Aludrazyme and Naglazyme, will drive the company to profitability in 2008 and beyond. As such, we maintain our Buy rating on the stock with a price target of $42.

Bear of the Day:

Our Bear of the Day recommendation is for Alpharma, Inc. (NYSE: ALO), a pharmaceutical company with operations in human and animal pharmaceuticals. With the sale of the generics business, Alpharma is focusing on establishing itself as a specialty pharmaceuticals company. We expect 2008 to be another transitional year for the company with earnings declining significantly, mainly due to increased SG&A spend related to the launch of Flector Patch. In the absence of any potential catalysts, investor focus will remain on the launch and acceptance of Flector Patch. Although we expect earnings to rebound in 2009, we believe that the shares will remain under pressure over the coming quarters as the company works on maintaining Kadian growth and on ramping up Flector Patch sales.

Analyst Blog:

Manpower (NYSE: MAN) has exhibited strong earnings growth in 2006 and in the first nine months of 2007. In the latest reported quarter, earnings exceeded expectations by $0.16. Margins are expanding and the share repurchase program continues. In addition, management increased guidance for 2007. Therefore, due to increased earnings guidance and strong operating performance, a Buy rating was initiated when the stock offered a buying opportunity by correcting over 30%.

We are maintaining our Buy on Allied Irish Banks, Plc (NYSE: AIB), as well as our $60 price target as we consider the stock attractive at its current price. In its third quarter trading update, AIB affirmed its prior earnings guidance of a 13% increase in per share results, based upon strong loan growth and improved productivity. The company also disclosed that its US sub-prime exposure was modest at $500 million. We are increasing our diluted EPADS estimates to $5.62 from $5.50 for 2007 and to $6.23 from $6.10 for 2008, solely due to US$ depreciation against the euro. AIB's results should benefit from strong loan growth offset, in part, by increasing loan loss provisions and declining net interest margins due to slow deposit growth and increased competition. AIB posted first half adjusted net earnings of 951 million, up 17% year-over-year.

Get the full analysis of all these stocks by going to http://at.zacks.com/?id=2649.

About the Bull and Bear of the Day

Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.

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