In a report published Tuesday, Sterne Agee analyst Greg T. Bolan downgraded the rating on Albany Molecular Research AMRI from Buy to Neutral, and lowered the price target from $15.00 to $12.00.
In the report, Sterne Agee noted, “As we have written multiple times, we believe CRO valuations are expensive and therefore have a difficult time seeing AMRI generate a strong return through acquisition(s). Our price target drops $3 to $12, which reflects less optimism towards the value of AMRI's core business. Downgrading to Neutral.”
Albany Molecular Research closed on Monday at $11.45.
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