UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT for Impax Laboratories

In a report published earlier today, Jefferies & Company, Inc. reiterated its Hold rating for Impax Laboratories Inc. IPXL, but slightly lowered its price target from $21.00 to $20.00. Jefferies went on to say “We've been uneasy with IPXL geared to Gx AXR revenues at risk of competition and ending completely in '14. News of Actavis/WPI's AXR approval means an immediate hit to '12-'14 REV, partially offset by lower royalty payout. This might pave the way for IPXL's own AXR approval but we doubt it – some speculate Concerta as well – but certain losses trump uncertain gains. Lower PT to $20.” Impax Laboratories Inc. closed on Friday at $22.85.