UPDATE: Piper Jaffray Cuts PT to $27 on Impax Laboratories on Rytary Launch Visibility
Piper Jaffray maintained Impax Laboratories (NASDAQ: IPXL) with an Overweight rating and lowered the price target from $29.00 to $27.00.
Piper Jaffray commented, "With a compelling net cash position of now close to $460M... in the context of a $1.3B market cap and 2013 operating cash flows pushing the cash position well north of $7 per share (near 40% of IPXL's market cap), we believe the risk/reward profile of IPXL shares is attractive. We reiterate our Overweight rating and are lowering our PT to $27 from $29. … We have lowered our price target from $29 to $27 based on 20x (up from 14x) our 2015E EPS of $1.61 (previously 2014E EPS of $2.06), discounted by 20% for 1 year (previously undiscounted) … given the continued uncertainty regarding the timing of a warning letter resolution and subsequent launches of Rytary and several key generic products."
Impax Laboratories closed at $19.62 on Monday.
Latest Ratings for IPXL
|Nov 2014||Piper Jaffray||Downgrades||Overweight||Neutral|
|Nov 2014||Bank of America||Maintains||Underperform|
|Oct 2014||JMP Securities||Initiates Coverage on||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.