UPDATE: Wedbush Lowers PT on EBS to $31

Wedbush has published a research report stating that it has lowered the price target on Emergent BioSolutions (NYSE: EBS) from $37 to $31.

In the report, Wedbush writes, “EBS is guiding to sales of 8.5 million doses in 2012. We're adjusting our estimates to take into account more conservative volumes and the discounted pricing in the contract's front end, with 2012 BioThrax revenues now $232.4 million (8.9M doses) from $278.5 million (9.8M doses) leading to 2012 EPS of $0.90 from $1.65.

Wedbush maintains its Outperform rating on EBS, which closed yesterday at $17.13.