UPDATE: Goldman Sachs Reiterates Sell Rating, Raises PT on Impax Laboratories

In a report published Wednesday, Goldman Sachs Group reiterated its Sell rating on Impax Laboratories IPXL, and raised its price target from $19.00 to $24.00. Goldman Sachs noted, “IPXL shares have benefited from better-than-anticipated Adderall XR trends, positive generic settlements, and likely rising expectations ahead of the FDA decision for Rytary and potential FDA warning letter resolution. We have updated our estimates to reflect recent positives, driving our 2012 to 2015 EPS estimates to $2.16, $1.34, $2.05, and $1.30, respectively (from $2.07, $1.17, $1.42, $1.72). In this report, we detail key earnings drivers by period, and refresh our Rytary expectations ahead of the October decision.” Impax Laboratories closed on Tuesday at $27.02.