UPDATE: Sterne Agee Reiterates On Albany Molecular Research On Raised Estimates

In a report published Monday, Sterne Agee analyst Greg T. Bolan reiterated an Underperform rating on

, and raised the price target from $13.00 to $15.00. In the report, Sterne Agee noted, “Given the official closure of the Oso Pharmaceuticals acquisition on 7/1, we are officially incorporating our estimates for accretion to AMRI's EPS. As shown in this note, even with this accretion, AMRI shares trade at a substantial premium to the peer group. We believe investors have become enamored with AMRI's ‘rollup' strategy and fail to recognize that without taking on more leverage or diluting EPS through an equity offering, the company is limited now in terms of purchasing power.” Albany Molecular Research closed on Thursday at $21.82.