UPDATE: J.P. Morgan Reiterates Neutral Rating, Lowers PT on Impax Laboratories

In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating on Impax Laboratories

, but lowered its price target from $26.00 to $24.00. J.P. Morgan noted, “Maintain Neutral rating. We see IPXL shares nearly fully valued, barring any significant accretive M&A activity. While we see the launch of Rytary as well as the company's generic portfolio as longer-term positive catalysts, we anticipate a fairly gradual launch of Rytary, expect the Hayward warning letter will continue to delay generic launches and as a results expect earnings to be under pressure in 2013.” Impax Laboratories closed on Thursday at $20.11.