UPDATE: Bank of America Downgrades Theravance to Neutral, Lowers PT as Pricing Headwinds Continue

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In a report published Thursday, Bank of America analyst Steve Byrne downgraded the rating on

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Theravance

(NASDAQ: THRX) from Buy to Neutral, and lowered the price target from $34.00 to $31.00.In the report, Bank of America noted, “Following comments from GSK on its 2Q14 results call on continued pressure on the branded COPD market from competitor discounting (resulting in challenging formulary coverage), we lowered our near and longer term sales expectations for Breo/Relvar and Anoro. Our caution is based on our view that higher discounting than we anticipated for all respiratory products is unlikely to meaningfully improve. Our changes resulted in a $3 impact to our NPV. We lower our rating to Neutral.”Theravance closed on Wednesday at $25.32