UPDATE: Credit Suisse Downgrades Cubist Pharmaceuticals to Neutral, Reiterates $77 PT on Execution Risk to Global Expansion of Hospital Franchise

In a report published Thursday, Credit Suisse analyst Jason Kantor downgraded the rating on

from Outperform to Neutral, but reiterated the $77.00 price target. In the report, Credit Suisse noted, “CBST has executed nearly flawlessly in building its US Cubicin business and generating a pipeline to diversify revenue and the share price has reflected these successes. We believe the next leg in growth is likely Zerbaxa. We believe the risk for this program is skewed to the downside as we think high expectations are already priced in and the European hospital market may be more difficult to penetrate.” Cubist Pharmaceuticals closed on Wednesday at $74.11.