UPDATE 1-RESEARCH ALERT-Citigroup upgrades Physicians Formula
Adds details, share movement) Aug 20 (Reuters) - PHYSICIANS FORMULA HOLDINGS INC (FACE.O: Quote, Profile, Research) Current Prior Rating Buy Hold Price Target $13 $12 --Citigroup said it still expects the cosmetics company to deliver 16 percent sales growth in 2008, despite the brokerage having recently revised down its expectations for the company's growth. --The brokerage raised its earnings estimates for the company, saying the coming year would not be as pressured by initial store setup expenses at Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research) as in the second quarter of 2007. --Citigroup now expects Physicians Formula to earn 2 cents a share, compared with its previous view for a break even, in the second quarter of 2008. For fiscal 2008, it expects the company to earn 69 cents per share, up from the previous view for a profit of 67 cents a share. --Shares of the company were up almost 11 percent at $10.03 in morning trade on the Nasdaq. (Reporting by Neha Singh in Bangalore)
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