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AP
Out of the Gate: Physicians Formula Up
Monday August 20, 10:02 am ET
Analyst Upgrades Physicians Formula Holdings Stock on Prediction of Strong 2008 Sales Growth


NEW YORK (AP) -- Shares of Physicians Formula Holdings Inc. gained ground Monday after a Citi Investment Research analyst upgraded the stock to "Buy," saying the cosmetics company will post strong sales growth in 2008.

The stock has lost more than half its value since May 8, when Physicians Formula said its second-quarter results would miss analyst estimates. The company cut its quarterly and full-year outlook in July, and lowered its 2007 forecast again on Tuesday.

Physicians Formula began trading in November, and set a low of $8.26 per share on Thursday.

Wendy Nicholson upgraded the stock to "Buy" from "Hold," and raised her price target to $13 per share from $12. She thinks the company's sales will grow 16 percent in 2008 -- better than its competitors -- and said Physicians Formula will increase its market share despite weak U.S. consumer spending.

Three analysts report a "Buy"-equivalent rating on the stock to Thomson Financial, while one gives a "Neutral" rating.

Shares advanced 82 cents, or 4.5 percent, to $9.87 in morning trading.

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