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Cephalon Inc. (CEPH US)                 Last updated Nov 15, 2002

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Michael G King Jr ....... Banc of America………….November 15, 2002

Downgraded to MARKET PERFORM from BUY

Price Target raised to $61.00 from $59.00

CEPH Price day before:$58.41Finish day of posting:$55.74Current:$57.74

-------------October 15, 2002-------------

New BUY

Price Target $59.00 (Hit Target November 21, 2002)

CEPH Price day before:$44.86Finish day of posting:$45.79Current:$57.74

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Felicia L Reed ........... Adams, Harkness & Hill………….November 07, 2002

Upgraded to STRONG BUY from BUY

Price Target $64.00

CEPH Price day before:$50.25Finish day of posting:$55.41Current:$57.74

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Corey Davis .................. J.P. Morgan………….October 31, 2002

New NEUTRAL

CEPH Price day before:$50.70Finish day of posting:$50.27Current:$57.74

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Jim Birchenough ........ Lehman Brothers……….September 20, 2002

New OVERWEIGHT/POSITIVE

Price Target $56.00 (Hit Target November 11, 2002)

CEPH Price day before:$40.28Finish day of posting:$40.28Current:$57.74

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J William Tanner ..........Leerink Swann………….September 05, 2002

New MARKET PERFORM

CEPH Price day before:$43.21Finish day of posting:$41.21Current:$57.74

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Geraldine O'Keeffe ........... Fortis Bank………….September 03, 2002

New BUY

Price Target $70.00

CEPH Price day before:$43.50Finish day of posting:$41.20Current:$57.74

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David G. Buck ........... Buckingham Research……August 12, 2002

Downgraded to NEUTRAL from ACCUMULATE

Price Target $50.00 (Hit Target October 24, 2002)

CEPH Price day before:$46.78Finish day of posting:$47.10Current:$57.74

----------------July 24, 2002----------

New ACCUMULATE

CEPH Price day before:$39.34Finish day of posting:$40.99Current:$57.74

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Marc Goodman ............... Morgan Stanley………….June 18, 2002

Maintained OVERWEIGHT/ATTRACTIVE

Price Target reduced to $75.00 from $81.00

CEPH Price day before:$51.32Finish day of posting:$51.78Current:$57.74

-------------April 04, 2002--------------

New OVERWEIGHT

Price Target $86.00

CEPH Price day before:$64.30Finish day of posting:$64.16Current:$57.74

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Eric J Ende .....................Banc of America……….February 20, 2002

Reiterated STRONG BUY

Target Price: $85.00

CEPH Price day before:$58.61Finish day of posting:$60.88Current:$57.74

--------------February 05, 2002--------------

Upgraded to STRONG BUY from BUY

Target Price: $85.00

CEPH Price day before:$55.99Finish day of posting:$57.81Current:$57.74

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Michael G King Jr ........... Robertson Stephens..........February 05, 2002

Reiterated STRONG BUY

Target Price: $92.00

CEPH Price day before:$55.99Finish day of posting:$57.81Current:$57.74

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