Citi Downgrades Forest Laboratories To Hold, Lowers PT To $35 (FRX)

Citi downgraded Forest Laboratories FRX from Buy to Hold and lowered its Forest Laboratories price target from $39 to $35 in a research report published today. In the report, Citi states, "FRX expects heavy dilution from the deal in the near-term. In addition, we see downside risk from a slow sales ramp seen with other recent antidepressant launches as a result of “use generics first” programs used by managed care. This could delay accretion beyond FRX's 3-year expectation." Shares of Forest Laboratories were trading at $32.65 in pre-market trading at the time of posting, down 0.76% from Tuesday's market close.