UPDATE: Goldman Sachs Lowers PT to $22 on Impax Laboratories on Competitive Risks

Goldman Sachs reiterated its Sell rating on Impax Laboratories

and reduced its price target from $24 to $22. Goldman Sachs commented, "Third quarter revenues and disappointing fourth quarter guidance both suggest that competitive pressures in the generics segment are greater than we had anticipated. Weak Adderall XR sales as well as the further declines implied by guidance suggest that Actavis competition has driven greater-than-anticipated pricing pressure. Fourth quarter guidance was further pressured by earlier-than-expected fenofibrate competition." Impax Laboratories closed at $24.34 on Friday.