Jefferies Lowers PT Of Albany Molecular Research To $4.50 (AMRI)

Jefferies finds Albany Molecular Research's AMRI “continued reliance on declining Allegra royalties makes profit growth difficult. An OTC conversion will extend the stream, but won't convert it to a growth driver.” The report further adds, “AMRI reported a non-GAAP 4Q loss of $0.16 on revenue of $48.6M. Sales were $1M higher than our estimate due to larger than expected Allegra royalties, but the loss was 2c worse than expected.” Jefferies has lowered the price target from $5.50 to $4.50 while keeping its Hold rating. Shares of Albany Molecular Research are currently trading down $0.10 from Monday's close at $4.91.