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.