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.
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