RBC Capital Downgrades Akorn (AKRX) to Sector Perform

November 4, 2016 6:13 AM EDT
Get Alerts AKRX Hot Sheet
Price: $20.52 -0.44%

Rating Summary:
    12 Buy, 7 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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RBC Capital downgraded Akorn (NASDAQ: AKRX) from Outperform to Sector Perform with a price target of $24.00 (from $37.00) on a higher risk profile and challenged P&L visibility.

Analyst Randall Stanicky commented, "As previewed on Monday, we entered 3Q looking for better clarity around FDA manufacturing concerns and 2017 outlook. We leave with greater concerns around both and are lowering forecasts materially. While we're clearly late given yesterday's move, we see AKRX as rangebound until P&L visibility improves. We lower our price target to $24."

For an analyst ratings summary and ratings history on Akorn click here. For more ratings news on Akorn click here.

Shares of Akorn closed at $20.27 yesterday.

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