(MONEY Magazine) – When we wrote about Warner Lambert (WLA; NYSE, $138.75; 1.1% yield) in this column in April ("Ewe and Your Money: How to Profit from Discoveries"), analysts projected that the stock would hit $120 in 12 months for a 45% total return. The analysts were too modest. The pharmaceutical giant has breezed past that target largely on the strength of its cholesterol-reducing drug Lipitor, which now accounts for more than 22% of all new cholesterol drug prescriptions. As a result, the company has already upped its 1997 earnings-per-share estimate from $3.10 to $3.20, and Jack Lamberton of NatWest Securities has raised his 12-month target price to $170.

Not quite so fortunate is Dallas-based retailer Gadzooks (GADZ; Nasdaq, $18.50; no yield), which was featured in July's "Ride the Echo Boom to Stock Profits." Buoyant analysts projected that the $32 stock would hit $48 within 12 months. But the retailer wound up with too many summer dresses and not enough boys' tops. As a result, it announced that second-quarter earnings would likely plunge to between 1 [cent] and 3 [cents] a share, compared with 18 [cents] last year, and the stock has dropped 42%. Stephen Kim of Smith Barney has reduced his 12-month target price to $27, saying in Streetese: "Strong long-term fundamentals are likely to be obscured by near-term concerns."

--Lisa Reilly Cullen