Merrill Lynch last week initiated coverage on Calgene Inc witha 2-2 rating and recommended accumulation of shares by high-risk tolerant investors.
The brokerage firm projected profitability by 1996, when itanticipates earnings of $1.10 per share. Merrill Lynch saidanticipated product development milestones and regulatoryapprovals should drive the stock (NASDAQ:CGNE) in theintermediate term. Merrill Lynch has a 12-month priceobjective of $18-20 per share.
Shares of Calgene, which develops genetically improved foodsand agriculture, closed Friday at $13.50, up 75 cents.
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