UPDATE: Sterne Agee Downgrades Albany Molecular Research to Neutral, Lowers PT on Less Optimism in Core Business Value

In a report published Tuesday, Sterne Agee analyst Greg T. Bolan downgraded the rating on Albany Molecular Research AMRI from Buy to Neutral, and lowered the price target from $15.00 to $12.00. In the report, Sterne Agee noted, “As we have written multiple times, we believe CRO valuations are expensive and therefore have a difficult time seeing AMRI generate a strong return through acquisition(s). Our price target drops $3 to $12, which reflects less optimism towards the value of AMRI's core business. Downgrading to Neutral.” Albany Molecular Research closed on Monday at $11.45.