In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating on Impax Laboratories IPXL, but lowered its price target from $26.00 to $24.00.
J.P. Morgan noted, “Maintain Neutral rating. We see IPXL shares nearly fully valued, barring any significant accretive M&A activity. While we see the launch of Rytary as well as the company's generic portfolio as longer-term positive catalysts, we anticipate a fairly gradual launch of Rytary, expect the Hayward warning letter will continue to delay generic launches and as a results expect earnings to be under pressure in 2013.”
Impax Laboratories closed on Thursday at $20.11.
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