UPDATE: Oppenheimer Lowers PT on Simcere Pharmaceutical Group to $12.50

Oppenheimer is out with its report today on Simcere Pharmaceutical Group SCR, lowering its PT to $12.50. In its report, Oppenheimer writes, "We believe price cut risk remains for the rest of the year and have changed our FY2011/2012 revenue and EPS forecasts. We lowered our target price to $12.50 to reflect our estimates changes. Maintain Outperform rating." Shares of SCR closed Tuesday at $9.80, up 3.16% from Monday's close.