UPDATE: Bank of America Merrill Lynch Reiterates Underperform Rating, Raises PO on Impax Laboratories

In a report published Friday, Bank of America Merrill Lynch reiterated its Underperform rating on Impax Laboratories

, and raised its price objective target from $22.00 to $25.00. Bank of America Merrill Lynch noted, “US-focused IPXL's relatively small size and a robust generic pipeline has some opportunities that could lead to potentially large product launches relative to its revenue base that may move the needle for the stock. But, launch visibility, as with most generic pharma companies, is somewhat limited. IPXL's pipeline and controlled-release tech focus could also appear attractive to other companies that may need to augment their US generic footprint.” Impax Laboratories closed on Thursday at $26.40.