NEW YORK (Reuters) – Drug maker Cephalon Inc (CEPH.O) is expected to post double-digit earnings growth this year, and its shares are cheap and its pipeline is robust, Barron’s said.

Shares of Cephalon trade for less than 12 times 2009 projected profits, Barron’s said in its April 13 edition.

Cephalon shares, which closed on Thursday at $66.56, are up 8.3 percent from a March 5 low and could rise further as sales of its new cancer drug increase. The company’s fatigue-fighting drug Nuvigil also hits the U.S. market in the third quarter.

The company also is a possible takeover target because of its small market capitalization of $4.6 billion and its robust pipeline, Barron’s said.

Bob Auer, manager of the Auer Growth Fund, said Cephalon is in the “sweet spot,” Barron’s said. The fund has been buying shares since February, Barron’s said.

(Reporting by Ilaina Jonas; Editing by Leslie Adler)